Adding to Robert's advice, pertronix has been in the midst of revamping many of the applications of their hall effect trigger systems for converting breaker point distributors. Applications that were previously "adjustable" for setting the air gap initially, have now been revamped to a "fixed" trigger with no adjustment.
I have two 1481 pertronix kits waiting for me in town at the parts distributor for installs to do this weekend. Don't know which version they will be, depends on inventory turnover in the warehouses. Doesn't matter, either one works perfectly.
The magnet wheel design has also changed for some Holley apps, they May now include a small delrin (plastic) spacer as the trigger wheel thickness has been reduced. Problem is...p-tron has not revised/updated their dam instructions for those! So the average diy'r don't know where the spacer goes!
For the record...it goes under the magnet wheel, otherwise, the magnet segment does not align with the hall effect module properly. Then the rotor goes on top just like in the breaker points application.
Same holds true for the four cylinder Holley distributor app which is identical internally except for the point cam lobe count. I did a couple of four banger Holley conversions a week ago, one more in line now.
The old "perlux" instructions for those installations were shit back in 1977, they still are shit today. They try to make this "simple" but because they do not provide accurate detail, it leaves folks who don't know this stuff in the dark and frustrated.
One more piece of advice...over the years, these engines get real messed up by "previous owner virus"! It's entirely possible someone could have swapped in a "early" Holley/IH distributor that looks identical on the outside, but has the "straight point" system inside. Those use an entirely different p-tron application. However, the IH p/n you posted is a correct distributor app for a 345 (curved point) in some medium duty truck applications and is not the governor distributor version. Ya just can't tell what ya got positively without opening it up!
Distributor identification for this IH schnizz May be found in this thread:
http://www.forums.IHPartsAmerica.com/ignition-tech/642-ihc-vehicle-distributor-identification.html