Some pros and cons for you, Adam.
Your truck is more valuable, has a higher price tag when all original. Give careful thought to making modifications. If you are to keep your truck right to your grave, I say do whatever you like. If you will sell this truck in the future, keep it original.
A generator will produce a much cleaner output than an alternator. For a small to modest stereo system, a generator is better; no "whine" nor noise in the sound. A generator and associated voltage regulator are highly reliable.
An alternator charges better at close to idle speed and produces more amps for charge. An alternator is a must for big stereo systems or other high demand devices like a winch. Alternators are "dirty" and will introduce noise into your stereo system. Alternators are also very reliable, and easier to find.
Having a generator rebuilt costs about $75 to $100, about the price of a rebuilt alternator. You can easily rebuild a generator yourself for half the price. An alternator is much more difficult to rebuild; better to simply buy a rebuild.
On distributors, your factory points type is the most reliable but harder to maintain. You have to keep the points adjusted and occasionally replace things, points, rotor, cap and condenser. A factory points type is best for an original stock engine.
If to upgrade, go all the way to an MSD capacitance discharge type distributor. Expensive with a distributor and controller box, but a real dream machine which boosts your horsepower and has your engine running cleaner. This is better for higher performance engines and an MSD is very reliable. Way cool.
Here is a "been there, done that, didn't work" thing for you. Avoid a Mallory mechanical dual point distributor when you are running an alternator. Exception is if you can find a Mallory dual point as old as your truck. Couple decades back, Mallory changed their design and alternators eat those distributors. Mallory now has a small capacitor (condenser) on the side of their dual point distributor. Voltage spikes from a dirty alternator "blows" this capacitor. You will be replacing this capacitor about every 1,000 miles at $18.00 a pop. Without this capacitor, your engine will not run. Mallory is one of the best, sure time tested, but Mallory screwed up their mechanical dual point distributor to a point Mallory issues advisories on how to fix this problem. None of their fixes work. Stay away from this distributor.
A Mallory "Unilite" distributor is super nice, very reliable and requires almost no maintenance. No points, all electronic, works great for Chevy small blocks. No performance advantage, however, least not very much. Very nice distributor, very affordable.
So, stay original or not? Clean generator or dirty alternator? Factory distributor or an expensive MSD? Personally, I would stick to original as much as possible, unless you are to go the high performance route.
Billyray
