The question had nothing to do with cost effectiveness, but since you mention it, how many times do you change points during the typical life of an HEI module? not to mention the time spent setting them up, which isn't needed with HEI...
Its not about which is newer or older, its which is better...
The reason the 59AB was used and did what it did is because AT THAT TIME is was the most plentiful, cheapest and most effective engine available. Much like the small block Chevy is today. They used points and magnetos back then because thats all they had.
When I look at these kinds of things, I actually try to put everything in front of me and try to make a rational choice. If you look at my posts, in general, I give more than one option, even ones I wouldn't do myself. That's why Jack asked me to be a moderator.