I was wonder if it would be worth spending money on a gm HEI distributor system with vacuum advance and all that good stuff, or just replace the points with a conversion kit???  

is emmisions a issue?? the first thing id do is get rid of the hei and points and just go with a billet magnetic pickup distributor with box  i use a msd part#85551 work on any standard deck height chevy engine i have had no problems ....also i have friend who keeps his bulky hei with all the whistles and he still has ignition problems but he upgraded the unit himself....im sure if you buy a hei already built up it should be fine  

I switched out the points distrib in my 71 350 for a stock HEI out of an 85 chevy truck and the engine started better, ran smoother and plus you dont have to adjust those pesky points. Id do it, if it was my truck. Id also put the Super HEI kit or the MSD-6al 2 ignition kit on it as well.