Zybe
welcome to the DeTomaso Internet Community. Congratulations, a Pantera for a graduation present is awesome. Your dad is pretty awesome too.
Since most of your questions were related to the motor, I moved your first post to the engine forum.
Perhaps the easiest route for upgrading the ignition is the installation of a Petronix Ignitor module in the existing distributor. My only apprehension about that option is that I expect the distributor in the car to be in poor shape and in need of replacement or rebuilding. From that perspective a better ignition solution would be to purchase a "ready to run" or "drop-in" distributor, such as the MSD #8350. Distributors like that are a very easy installation, the wiring involved would be much less complicated than the 3rd option, which is upgrading to a Ford Duraspark ignition.
The guys here will have lots of info to share with you to help you get that Pantera on the road. We are here to be your resource.
Pantera International is based in the city of Ventura, we're located next to the Ventura pier. Where are you located?
-G
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