Your HEI should really only get 12 volts, but getting a constant 12v from an old ignition/wiring harness is the problem, especially if you have accessories hooked up to it. The relay basically takes power from the battery & switches it directly to whatever needs it, i.e., HEI, Headlights, accessories without going through the 30+old wiring harness.
However, like Wes mentioned, it doesn't need a full 12v to activate the relay. If you're swapping from an old points system to an HEI, the advantage of using the relay is that you don't have to trace down and replace the resistor wire from the ignition switch. Just use the existing wire to "trigger" the relay switch...much easier.
I believe the most common use of relays I've seen are for the headlight harnesses.