The IH304 and the AMC304 have only ONE thing in common - they are both 304cid. Well, maybe they share the same GM-style starter solenoid.. and a GM Delcotron alternator.
IMO, the BEST way to convert from points to electronic ignition (did you say your '79 was converted back to points? It should have a Prestolite electronic disty already) is with a Pertronix Ignitor from http://www.SuperScoutSpecialists.com
Just drop it into your points distributor, re-time the motor, and forget about it. Put the old points in your glovebox on the off-chance the Pertronix should fail in the middle of nowhere.
My 10.25:1 high-RPM race-prepped IH304 runs a stock (recurved) points distributor with a Pertronix ignitor and an Accell coil. Granted, it'll only turn about 5000rpm at the moment, but I think it's time to back the timing off a bit now that the motor's a little broken in. It should do 6k. (don't try this with a stock 304 - wanna see my pile of 304 cores?)
could try adjusting the bands on the 727. It's detailed in the IH Service Manual (see SSS or www.binderbooks.com
). I don't know the procedure by heart, but it's not too difficult. You'll need to drop the pan to get one of the adjusters. The IH service manual calls for some special torque-wrench, but the FAQ on the BinderBulletin.org site mentions what the actual spec is.