Nothing beats a distributor in proper shape; but I have thus far had good experiences with the pertronix ignitor, as I usually end up with out of tolerance distributors. Just find out the Bosch model no. of your dizzy ie JUFR4 or the like and look up a site like retro-rockets or something to that effect. IPD lists them by the last 3 digits of the serial number; you get the same thing. I think it's worthwhile if you can get it reasonably cheap, largely depends on your dizzy.

Even better would be to either:
seek out a distributor from a 1975 -only- 240 series w/ B20. It's electronic, OEM, and supposedly very good.

wait a while longer for the 123 Ignition systems to catch up with the Volvo demand. These are completely enclosed electronic dizzys where you can select an advance curve to suit *your* engine. For Citroens they've been a godsend, but they retail in excess of $300. And they're hard to find...

As for the alt, it comes down to several personal factors. Money, aesthetics, dead generator, need for more amperage.

-Sean
I don't see that there's a real problem yet with generators being available, in the neighborhood of 10-60 bucks. you could by a handful and rebuild them for the price of a bracket.

That being said, unless you weld, or have a 67 or later block w/ an alt mounting ear; you'll have to spend at least 50 bucks on the bracket.
IPD, Skandix & Sw-em all have them available. They all seem to work. I had an IPD one, but new brushes fixed my generator and I was never satisfied with the alternators I was digging up.