The system showed is a "Hall Effect" system---simple and very effective, I have fitted a "AccuSpark" and used it with no problems for the last 2 years. It gets rid of one of the 500s main 'gripes'---the rate at which they can devour condensers. A lot of people have fitted this system to a very wide range of cars. At one time "AccuSpark" were doing a 'package'---ignition, coil AND Timing-light. You WILL need a timing-light to check the ignition as you cannot set an 'electronic' ignition (as against 'points') statically. The trick is to carefully note the position of both the distributor AND THE ROTOR-ARM before you remove the distributor. The timing may not be 'spot-on' when you refit the distributor (after fitting the 'electronic' unit), but it will be close enough to get the enginestarted.