You've already taken the best first step by ditching the points. Did you also remove the resistor wire and run new 10ga wire to the distributor? Most points systems drop the voltage down to 9v or so. They do this to improve the reliability of the points contacts, so when you switch to an electronic puck, its always wise to give it full voltage.
While I agree that fancy crank triggers are more accurate, you're not trying to re-invent the wheel.
Two possibilities. An MSD ignition system will help, but MSD (and other similar boxes) are held back by liability and CARB/EPA regulations to some extent. They can't have you put a box in and put a hole in a piston. Having said that, they are a great upgrade.
Other possibility is to just tune it yourself with good old fashioned analog mechanics.
Take whatever you know about timing curves and toss it. There is no such thing as "best." Phrases like "initial timing" need to be tossed out the window. Initial timing is a benchmark. It is only a reference point based on the distributor's other activity in the curve. It's not that your car needs 10 degrees of initial timing to work, its just that setting at 10 degrees means that the mechanical and vacuum advance curves will yield the correct advance during operation on the road. The only reason for setting timing while at idle is because its a little tougher to do at 65 mph with the hood open.
What you want to shoot for is an idle timing of whatever works well, then tailor the curve to suit the rest. You'll want a mechanical advance that starts coming in around 2800 rpm, so getting a spring/weight kit and following the directions you should be able to get darn close
You should get an adjustable vacuum canister. If you don't, get one. Chances are, your canister is currently hooked up to manifold vacuum. Put it on ported instead. Old school distributors used manifold vacuum to reduce advance during cranking, but then advance it after starting for idle quality. This was important with old-school closed-chamber heads and 10:1 compression, but not necessary anymore. Once you get past about 5% throttle, the vacuum signal is the same anyway.
Most distributors give about 24 degrees of mechanical advance. You can fine tune this on your own, but I would bet a few bills that your best total mechanical advance will be around 34-36 degrees. That suggests you set initial at 12 and call it good. But not so fast. Now you should play around with detonation thresholds at cruise and part throttle. Disconnect the vacuum line. Mash the throttle (do a little drag run) and listen for detonation in the 2000-2800 range.
If you're getting detonation in the 2000-2800 range (before mechanical comes in) when set at 12 initial, you have to back off the initial to 10 and find some way to increase the mechanical advance range to get 26 degrees of total mechanical (to maintain your optimum 36 overall)
Conversely, if you don't have detonation there, you could be leaving efficiency on the table. So you advance it to 14 initial to try... no pings. So you advance it to 16 initial and get pings. So you back it off to 14 initial... but now you would have to limit the mechanical advance to only allow 22 degrees to keep the total at 36. Above all, trust yourself. You might find that 18 or 20 initial offers no detonation at WOT in the 2000-2800 range. Trust it. Your goal is to find detonation at WOT and then back off a bit. (a little side note: During these tests, its best not to exceed about 3500 rpms if you're more than about 14 degrees intial or 38 degrees total. If the mechanical advance comes in and you're suddenly doing 5000 rpms with 40 degrees of advance, bad things can happen)
Fortunately most Ford dizzys let you change total advance pretty easily. There are little roll pins in the advance plate with holes marked with something like 12L and 13L. These are advance numbers in cam degrees. If the pins are in the 12L holes you'll get 24 degrees of mechanical advance. Don't mix and match. Make sure the pins are in the same holes. The way the geometry works out, using one 12 and one 13 will not give you 25 degrees, it will give you a strange plateau in the curve.
Now, here is where the vacuum part comes in. Once you add ported vacuum, the canister will add advance proportional to how little you use your right foot. This increases advance during part throttle cruise. Put the vacuum hose back on and do a similar test. Its best to test this by cruising several roads at various speeds. From a steady speed, roll on the throttle quickly. Don't floor it, just enough to not make it downshift (if it's an automatic). You shouldn't hear any detonation. If you don't, adjust the screw in the canister for more advance by 1/4 turn increments until you do get detonation. Once you do, back it off by 1/2 turn.
This is all old-school stuff and it takes an interesting amount of Zen to do it, but it will net you a darn near perfect curve that is reliable and simple. Its much like getting a carb tuned just right by knowing how the primary jets affect the secondary mix, and accelerator pump lever adjustments help with bigger cams.
Keep in mind this all should be done while the engine is fully hot, and you might expect to have to adjust that canister back a bit in the summer until you find the true detonation threshold.
I also must insist that you are very aware of idle throttle. I wish I had a nickel for every time someone had the idle too high while setting timing. You set the idle with a vacuum gauge on a ported source. Once you have no vacuum, it's set low enough. Then you can set initial timing. Often times shadetree mechanics will do it by ear which almost always leads to retarded opening up the throttle screw first and uncovering the vacuum port. This usually stems from concerns about advancing the timing too far. You kinda can't.
I built a 454 with too much cam for the compression. I ended up actually locking out the mechanical and running it at 34 degrees initial with ported vacuum. In the summer it liked to kick back a bit during cranking and I did have a wee bit of detonation until about 3000 RPMs, but it got me through until I fixed the larger issues. With the ported vacuum on it, I figure I had as much as 54 degrees advance during cruise. This is an extreme example, but I just mention it to show you that each combo is different and if I had stuck with a normal stock ignition curve I would have had all kinds of trouble.
Also be aware that detonation is not always audible. I strongly recommend going back two steps after detonation is heard. Like above I mentioned with the adjustable can: Go in 1/4 turn increments until you get detonation, then go a 1/2 turn back.