Mine pretty much works like that on the surface but it isnt a cheap option.
I use a Scorcher dissy from a Magna that is HEI and is modified to use an Escort shaft so it still has the oil pump drive in it. You then need a different coil and to run a new wire from the ignition switch.
Performance ignition sell it as a kit for about $400.
Depends what you want and the spec of your motor i suppose