I know people have differing opinions, and experiences, regarding front discs on a 500 (for a 'road-use-only car, rear discs are a waste of time and money),but my advice is---if you are retaining the original front wheels and tyres, think VERY hard about front discs. I have 5-1/2 x 13 wheels (and the appropriate tyres) on my 500, and if I brake VERY hard, I can actually"lock them up" IN THE DRY. On a wet road, with standard wheels/tyres, it would be very easy to lock-up,and skid. The 126 had bigger brakes, so fitting Mk1 126 front hub-units and brakes might be a better way to go. The "Mk 1" (594cc) 126 models had the same wheel-bolt pattern as the 500---the wheels were also slightly wider (4 inch as against the 3-1/2 on the 500).
With regard to the "123" electronic ignition, they are no longer made in the Netherlands, and I have been advised that the quality is not the same as the original "Dutch made" versions. One thing to remember about ALL the electronic ignitions, irrelevant of cost, is they they do not like heat---if they are constantly subjected to over 100C they wilt (spelt D.I.E.).The 'engine-cooling' air being blown over the engine exits the Thermostat-housing right over the distributor, and on a hot day, after a 'spirited' drive, that 'engine-cooling' air can easily exceed 100C. Points, if set and maintained properly, will give very little trouble---their only 'weak-point' is the condenser. The modern "pattern" condensers are (to put it politely) crap, in that they are very poorly made and do not like heat. If you can find an old ORIGINAL, it will give you little problem. The modern way around this problem is to fit a "Competition" condenser---these condensers (from Swiftune) are made with both a long 'feed' lead and a long 'earth' lead, so they can be mounted up by the coils, away from the heat. They have been designed for historic race cars where the rules dictate that the ignition system has to be "as original"---Minis through the GT40s.
If you really do want to fit 'electronic'ignition, I have written an article on how to put a small "hear-barrier" inside the thermostat-housing, which helps keep some of the (often very) hot "engine cooling" air away from the distributor. If you would like a copy of that article, being that it is on paper, drop me an e-mail(
[email protected] ) with your address, and I will pop a copy into the post for you.