Yes, you can "get away with" a points distributor. The strong point of them is fixing them on the side of the road with a new set of points and a condenser that you keep in the glove box.

The flip side of the coin is the "zero maintenance" afforded by an electronic distributor or a conversion from points to electronic with units such as the Pertronix.

Personally, I'd use a stock Chevy HEI before I'd buy a points distributor, then just carry extra HEI parts in the glove box.

Performance Distributors in Memphis has a good business going, altering HEI units and tailoring them to the customer's needs.....
http://www.performancedistributors.com/