The easiest thing is the Pertronix ignition from most mustang places about $60. In reading several boards for several years I've only heard one complaint about this unit and many reports of success. About a 20 minute install. Basically replaces the points with an electronic trigger to fire the coil. You can also upgrade the coil and plug wires for more gusto. You can also install a junk yard ford duraspark ignition
http://www.geocities.com/mustangsteve66/conversion.html
For bragging rights or racing action, you can step up to an MSD ignition.
Personally, I still have points, but am considering the Pertronix. (If I ever finish painting and putting the car back together.)