Are you racing this under a set of car build rules or is this a open ended project?

If under rules, they matter and will be the first place to look.

Rather than do a distributor, use a DIS system from a common car. GM systems from the 90's - 2000 are nearly self contained requiring only a crank pulse to operate. There is a default spark advance curve built in that may or may not be enough for your car. If not, a advance box should not be a big problem.

What ever you do, try to use off the shelf common road car parts, this will allow you to use the local auto parts for repairs. This is vital when traveling.