Tom
If you could mount a 36-1 timing wheel off of a mid 90's Ford escort we could get coil near plug running on the 250-292 engines.
All the parts except the megasquirt come out of the wreckers. The Ford EDIS-6 system out of a 3100 V6 Taurus will run up to 7500 with lots of spark. And the EDIS will run in fixed timing mode without the MS hooked up so its possible to set the base timing.
Besides power and ground there are only 3 wires to hookup between the MS and the EDIS-6 module + 1 vacuum hose to the MAP sensor.
If you had more dyno time it would be fun to see how much more power you would pick up from the EDIS system.