I say "No" because it simply cuts the voltage across the points and improves the coil output. However, if your 40yo advance mechanism is worn or has stretched springs throwing off the advance curve, it's not going to do anything about that. And you'll still have some points cam and points gap maintenance.

I'd highly recommend installing an electronic ignition. It will forever end point maintenance. It will give you an advance curve much better for the modern ethanol fuels in use today. It will give you rock solid timing at any RPM, which will improve idle as well as overall performance.

Just my 2 cents. 😉