Thanks! Then yes, you're good to go. You do eliminate the original modules as it's no longer part of the system.
What colors are the wires coming out of the firewall? If one is red with a blue (oops, I meant green stripe) stripe to the module you can use that one. However don't mix it up with the red with green stripe that originally went to the old coil because that is your resistor wire. You don't want to use that one as was mentioned.
In theory the one wire should be able to power both the distributor and the coil if necessary. But they tended to be fairly small gauge so maybe somebody else can comment on whether it's got the capacity to run both components. I don't know offhand how much current they take.