You may want to hold on to that alt (if it's good) - the voltage reg may be bad in it - just throw try the f-links switch. It may not fix your problem, but it's worth a try - like I said, that's what mine does - but I know what my truck is prone to doing. I'm not familiar with yours, so it's a whole other kettle of fish. (I hope it does work. It's an easy fix)
I think the ebay ignitor would work - the 60s are all pretty much the same. Someone else may want to chime in on that one. I'd hold off on a bid though, unless you can pick it up for $5 or something. Seems like I've seen it come up a few times before...plus, BigSur is parting out an '85 - you can probably buy what you need from him...
Also, stay away from the Fram filters. There's a thread about oil filters here with a great link about what's what in filters. There's a lot bad with Fram. I'm checking out different ones - next oil change I'm putting on a Mobil1 that has a synthetic element. It cost $12, but hey...also, K&N makes a decent one ($13), and AutoZone also has one made by Bosch ($6). You'll spend a few extra bucks, but you may save your engine (and you can wring a lot of miles out of a 2f)
Also, if your wiring is intact, you should be able to plug right in (ignition). I just don't know what has to be done to get that blue whirrly-gig to sensor inside the dizzy (that's where the magic happens). I converted a points type dizzy to aftermarket electronic on my TR6 and you basically had to gut everything and replace it. Hope that's not the case with that Jacobs thing. Take some photos of what's in there and post them before you tear it all apart - otherwise it'll be sitting in the driveway not moving until you can get it right again. Better to analyze it, figure out what you're doing, get the parts ordered, then tear it apart. For now, it's running, and that's not a bad thing.
On the timing, there's one bolt on the base of the dizzy - loosen it, and you twist the whole body. Very typical setup. The vac advance works off of manifold pressure and/or other stuff to dynamically adjust the timing according to load conditions.
60wag makes a good point about that ign wiring though - I don't see any kind of fuse rigged in either, and the guy did a slop job hooking it up - leaving the orgi stuff in there speaks volumes. You'll be working on that truck for a few years probably - and most of your time will be spent fixing what the PO did. bypassing the PS cooler (checked mine, and that's what they are for, not the headlight jets...I have to think before I speak more often...) That ign mess...that's just in the first month of ownership. Wait til you find what else he's done...Get the Haynes manual - should be able to pick it up locally - at least until you get the factory manuals. You'll use them all - trust me - but you don't want to start tearing anything apart until you've got a ref to go back to. (there's probably 30+ feet of vac hose under the hood, and you're going to have to unhook some of it...and memory doens't always get that stuff right...)
One thing I've learned about the 60 is this: you really have to spend time working on it and trouble shooting. You can throw parts at it (and $$) but you still may not fix your problem. It's a real mechanical beast, and it needs a mechanic's mindset, not a parts replacer's mindset.