I did on my 79 several years ago, and the total installation took maybe an hour. I did not use the Pertronix coil. I had no modifications to the car, and used Bosch Platinum plugs.
This car was a daily driver, with close to a 100 -150 miles per day use on the highway, and my average gas mileage went from about 26 mpg to close to 32 mpg with just the Pertronix install.
I would recommend this change to ANYONE still using the stock ignition on ANY 7.
I think you can get the basic Pertronix on the web for anywhere from $69.00 to $89.00 any day.