In theory, it might work. However, there are a couple reasons it probably wouldn't, at least not without undesirable side effects. IIRC, a TSV is a form of Zener--or 'avalanche' or 'breakdown'--diode. Zeners are sometimes used to protect against overvoltage in circuits; when the set voltage is exceeded a Zener lets current flow through a fuse, blowing the fuse and causing current to stop flowing. Used in a fuel pump, when the 'breakdown' voltage is reached the TSV shunts the high voltage produced by the coil's EMF field collapsing back into the coil--instead of through the points--hence reducing arcing. Used in a distributor, a TSV would probably shunt the current back through the coil, which could upset timing and the production of quality sparking. Also, I believe the condenser used with points is also used in a sort of timing circuit to regulate the current flow to the coil as well as for arc suppression (if diodes would work in a distributor, I'm sure they would have been used; probably around the time they began to be employed in SU fuel pumps).
Points 'technology' quit evolving, oh, probably in the 1910s (magnetos have points, too). If you're not happy with points--either because of the extra labor required to service them or because quality points are getting hard to find--install a Pertronix or other suitable points-less system. Easy to install, and basically bulletproof; we have a Pertronix in 5 vehicles and never had any issue with them. We have one in our '56 BN2, and it doesn't even require the magnet ring that has occasionally failed; the unit is sensitive enough to sense the rotation of the cam lobes. Pretty cool in my book. And, FWIW, I tried a TSV in an SU fuel pump and it didn't work any better than diodes (I know some have had success with them, but I didn't). Electronic is the way to go if you do any serious driving.