the HEI ignition from GM is simply an electrical "trigger" for the coil. it is a mechanical AND vacuum advance distributor. it was simply one step above a set of points. it is no-where anywhere in the same league as the Mercruiser Thunderbolt ignition.
The TB V has knock control, shift interupt control and it truly an electronic ignition with full electronic advance. it is about 100,000,000 times more sophisticated than GM's HEI distributor.
GM finally put everything that is in the TB V into an ignition system to replace its HEI in the 90's. its called the Delco Voyager system.... and guess what, it has an external box, external coil, etc. to put everything inside the disributor would have a distributor too big in diameter to fit on the motor.