Jim, stick to your original idea with a crank sensor and tooth wheel, you don't want the bad precision from a distributor signal.
The cam sensor on the other hand can be something simple like was suggested above.
I have the same idea as you, if you know where I can get the good coils at a reasonable price, pm me...
Martin


Martin, 67 Charger, 512 cui, E85, MegaSquirt MS3X sequential ignition & injection