That's the easiest and simplest/cheaper route....any reason you want more than that? If you have bigger plans for more upgrades latter on...you might consider an MSD dizzy and a 6Al box. But your looking at a lot extra for something that may not require it yet. (There are other brands/systems not to mention if you want crank triggered ones or ....) but I think a pertronix II will make you very happy
My Ford Duraspark II conversion on my '68 has been working perfectly since 1988. I carry an extra ignition box under the seat but have never had to use it.
There are numerous sites out there explaining the the conversion. Parts are bullet proof and dirt cheap.
1. Pertronix is "easy". You have to splice into your ignition wire under your dash AFTER the ignition key and before the tach to provide 12VDC to the pertronix module, but that isn't too bad. This is nice to replace points, but it will not keep your plugs clean or your rotor and cap from being replaced every 12k miles. It is a POINTS REPLACEMENT, but no improvement in spark voltage...NONE.
2. If you go to a High Energy Ignition, I only recommend a solution offered by davessmallbodyhei.com. The reason for this is all other aftermarket HEI ignitions are TOO BIG. They are TALLER and often much WIDER. Regardless of the claim FOR 351C, they ARE NOT- THEY DO NOT FIT.
You do not have to use Dave. Either buy a REBUILT 351C, 400, 460 Duraspark distributor for a Ford F150. Available for years 1978-1990 or so. Must be a NON EFI distributor. Trucks had carbs on them much longer than autos....OR go to the boneyard and pull one out of a truck, car, van. You might get lucky and find a real clean Crown Vic. There are numerous wiring diagrams and tidbits available. The distributor will be identical accept for the large ring to hold the large diameter cap. But you can get rid of this. The need for the large cap is a misnomer. You can use your standard cap.
You will also need to wire it yourself(hardest part is finding AUTOMOTIVE WIRE), and unlike the duraspark module, you can buy an HEI module at the local parts store- $45 at ANY auto parts store. The HEI is not only cheaper, it is also much much much smaller than the DURASPARK module.
When you get done, you can be real proud of your work. And, if you do it right, it will look exactly like stock. What I did, is I bought the pertronix first, then took my time to do my HEI. I cannot say it helped in any way but the idle...but that was enough for me.
'75-later 351M/400 or 460 Duraspark distributor for sure, and any MSD you choose to run. I run a very old MSD 6200 on mine (precursor to MSD 6 (non-AL version)) and it works just fine. Heck, even a MSD 5-series works! Or just use a DuraSpark module. Pretty simple to retrofit to an early points-style system.