I did think about this a bit when we discussed it awhile back, but I must admit that I never ended up with any real useful input.
Your engine looks to essentially have two four cylinder distributors on it. I would have to assume that these distributors are timed and setup to deliver spark to the appropriate cylinder as needed (does the engine have two coils?). The cam sensor likely works with an ECU that then helps control advance based on engine load (vacuum) and engine speed (centrifugal).
I would hope that there is some kind of aftermarket ECU available that may work, but I think we need a better understanding of those distributors and the overall working of the stock engine. What may be best is to start a separate thread and bring the full brain power of FBBO to bear on this one - I think this will be needed as I have limited experience with custom designed spark control.
BTW, the Kinsler fuel injection stack looks really cool, but I hear you with the cost - with two kids in college, I have limited funds for car stuff now - and I blew my bankroll on the Road Runner...