Hi, Chuck,
Bob is right in that the 70/71 throttle bodies provide vacuum full time while the engine is running.
If you want to get rid of the relays etc. you could use just the vacuum valve and operate it with the throttle body switch so that it would only provide vacuum and retard the timing at idle.
When you open the throttle, the valve would shut off the vacuum to the distributor and the engine would run on centrifugal advance as designed.
An earlier ('68/69) throttle body looks very similar to the 70/71 body and would eliminate the need for the vacuum valve if you can find one.
Just my $0.02
Naj