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Unless you really want to get rid of the distributor, you may consider my option.
I plan to have the dizzy hooked to the megasquirt, and it feeds the CD box. I also don't have the vacuum advance in my dizzy, but megasquirt can add it. And with the flip of a switch, the megasquirt can be hooked directly to the coil instead of the CD box if it (the CD box) fails.
If I remember correctly, the megasuirt sends a signal to the ford DIS to control the timing. You're gaining 3 more coils with the DIS system, but I don't know how much real control you're gaining over a good distributor. I'm keeping the mechanical advance on the dizzy, and just fine tuning it with MS, but you can totally block off the dizzy advance and control it all with MS. You can also use the dizzy with a crank trigger wheel with just 4 ticks per rev, but you have to be sure to keep the dizzy and trigger synced so it doesn't throw the spark to the next or previous cylinder. If I did that option, I would cut a big hole in a cap so I could twist the dizzy around so it was firing right when the rotor was on a terminal.
Yep, that's the cool part of MS. You can do it however you want.
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