Of all the suggestions, all are valid but possibly the most important- if you decide to actually drive the car- is upgrading the distributor drive gear roll pin. This affects 100% of 351-C distributors including ones right out of the box from Ford, MSD, Accel and many others. Matters not how many $$$ the assembly cost or what electronic whiz-bang it delivers. The last failure I'm aware of was in a friend's rebuilt engine- with an aftermarket electronic distributor- 2 years ago on the way to the POCA Fun Rally in Phoenix. 100 mile tow truck rides are so depressing.
The stock roll pin that holds the drive gear on the distributor shaft is two sizes smaller than in a comparable Chevy 350 distributor assembly. When (not if) it shears, your car stops running RIGHT-DAMN-NOW. And it will not restart until its fixed & the ignition is retimed. This problem first showed up in 1972 Panteras but Ford, knowing the Cleveland engine was to be discontinued soon, did nothing about it. There are many ways to update this 25 cent weak spot locally- and in fact it may already have been done. But it bears checking by a qualified eye. Good luck.