OK, I'll jump, and say that Dan, that's exactly what I'd do, Ignore / bypass whatever's there and build a new circuit from scratch.
(However, me being an old Brit and not trusting American electrics, I'd get a good Lucas distributor too! It's a funny thing, but over there we had as much trouble with American systems as over here with Lucas. Do not ask me to explain or defend, that'll sidetrack the topic too much!)