If everything is stock, a '79 will have the DSII system (Dura-spark II)
I would just go with the stock quality replacement module.
The modules are identified by the color of the plastic grommet that hold the wires where they come out of the box. Blue is the best, and most common.
Most Ford dealers are going to stock the Motorcraft replacement. The same part is available from Rock Auto cheaper.

Motorcraft DY-893 $68.79 RockAuto Parts Catalog

 

I just bought this GM style distributor for my 302 and couldn't be happier.. Its probably the best 60 bucks I have spent on the truck

 

I hit up ebay for the early oem boxes (black n green) even the later blue boxes......aftermarket is junk, unless you're buying Motorcraft.

 

Distributor is an older Ford Motorsports (now Ford Racing) distributor that was recurved iirc.

Yes the MSD kits I mentioned are compatible. The kits are basically an OEM replacement, if anything slightly, really slightly higher voltage. They aren't too expensive either. Don't think we paid a lot.

 

here is a link in case you wanted to try the super easy gm 4 pin:
TRICKY or TRICK? HEI Module Inside Duraspark Case - Ford Muscle Forums : Ford Muscle Cars Tech Forum