I've got several Wisconsin powered tractors with that Autolite/Prestolite distributor. Yes, it's better then a magneto. Has more potential spark energy and easier to work on.
Don't believe the stories about parts not being available. Cap, rotor, points and condensor easy to get - even at your local NAPA. Same parts use in many old tractors, boats, cars, and motorcycles (Crosley, Indian, Waukesha,etc.).
The old Autolite numbers change to Prestolite and NAPA sells them with Echlin numbers.
Cap is NAPA AL143 for $20
Rotor is NAPA AL32 for $12.50
Points are NAPA AL5661 for $11
Condensor is AL38 for $11 or the HD condensor AL116 for $16