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, PCM flashing, and burning chips for 7.3s since 2008. Repairing all aspects of 7.3L Powerstrokes for 25 years.
Eight 7.3L PSDs in the driveway including a 1994 Crown Vic and 1973 F100/2002 F350. Looking for the next victim.
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