Has anybody used one of the inexpensive ones on the market now?

At $55 for a new distributor with good features, somebody must have tried them.
Ebay link - 440 Mopar Distributor
Quote:

• A billet of 6061 - T6 aluminum CNC is machined into a perfect housing for incredible strength, precision and looks.

• Sealed ball bearings, sintered bushing, 1/2 inch hardened steel shaft
• Extremely accurate magnetic pickup which never requires adjustment.
• Designed with a small base and cap to suit all makes and models.
• This is mainly used in high performance vehicles which have space limitations around the engine.