I'm sure the Pertronix is a viable substitute for points, the same as the custom-fashioned war club was a suitable replacement for a tree branch to my Cherokee ancestors. It was even a giant leap forward in technology. The problem I have with Pertronix is the sloppy fit of the trigger wheel under the rotor on the ones I've seen, resulting in unpredictable timing from one cylinder to another, regardless of speed, and enough anecdotal accounts of sudden failures that the conventional wisdom here on the forum is "carry a set of points and condenser in the glove box" in case of a breakdown. The price is also a turnoff. It's possible to fashion a better, less expensive system using off-the-shelf GM or Chrysler parts, and in case of a breakdown, repair parts are as close as the nearest big-box FLAPS. Pertronix seems to be better than the original point-type system, but not much better.
The race modification was just a heads-up for people who do hotrod the GM system. It's quick, reliable, and very hard to spot at the head of the tech inspection line. There's also a couple of other go-fast tricks I use that are very effective in the low-budget racing classes that require "stock-appearing" parts.
Jerry
