To know for sure if it's the right one, check the numbers with Mallory, or compare it against your stock dist. The part that goes into the block is what you're mainly concerned about. Get a dial caliper and find out.
Advance. If you look at a manual, you will find that the stock '60 dist. has 13@1750rpm total mechanical advance, with another 11 deg. vac adv. at full vaccuum for a total of 24 degrees by around 2000rpms (pointer and ball lined up per stock for initial adv). If your old Mallory is like my newer one, it has an adjustable mechanical advance which is probably set to 24 deg. right from Mallory, but can be adjusted from 16-28. If you feel you need more that this, just advance your initial timing to make up the difference. If you add too much into it (like adding an extra vac setup) you will end up with silent knock or pinging.
Using a vac gage to help set your initial timing, then an adjustable timing light and a tachometer to find when you have full advance should be all you need. After road testing it you may need to make small changes, but that should get you pretty close. If you can find somebody with a distributor machine, they can check the curve for you and make any changes or recomendations as needed.
Just taking another look at the photos, what is that housing side connection in your second photo? Is that for a tach drive or vac hookup?? I can't tell. Perhaps it has a vac adv built in already??
