Three words:
Pertronix Ignition Module. It goes right where the points would go and gives you electronic ignition. Just remember to wire it in to a real hot wire (not the coil resistor wire) and put in a coil that doesn't require the resistor.
The 390s ran really well, especially if they're the 10.5:1 (4V) variety.
If you're in the market for an overhaul down the road, buy 360 pistons. 360s were used in trucks from 67-76 and the pistons are the same as 390 4V ones. They'll give you 10.5:1 compression with the stock 390 rods (don't use 352/360 rods with the 3.78" stroke 390 crank).
I've been around FEs my whole life and built quite a few up until I was enlightened by the 385 series gods a few years back.
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Tuning, flashing, burning chips, and repairing all aspects of 7.3L Powerstrokes.
SEVEN 7.3L-powered vehicles in the driveway. Two didn't come that way from the factory!
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