Like Phil said, unless you go dry-sump you don't eliminate the biggest failure point which is the pump drive (cam gear). If your distributor is set up right it will not cause problems with timing, but it should checked for index.
To do it right your looking at $3k minimum, I can buy a lot of spare distributors for that kind of money. Not to mention I'll probably not notice the difference between 634hp and 640hp.
And it looks right for what that's worth...
