Paul,
Simple question, simple answer.
Has anyone done it? Yes, many.
There are three basic options:
1) 123 distributor replacement: electronic, replaces your entire distributor
2) Optical system (Crane Cams XR700, which was based on the old Lucas system) this uses an optical shutter wheel mounted on the distributor.
3) Magnetic Hall Effect (Pertronix)
All work. Some people have better luck than others with various units. Once in and running well, you should be OK for a long, long time.
There are some different brands out there using the same kind of technology, but your greatest help and experience on this website will come from conventional; or from one of the systems above.
I had the Crane for about 6 years; I've had the Pertronix for 4, and had conventional before that. Pertronix is a smaller, cleaner install. Crane has a big external box, like the electronics for a later model Pagoda.
Better ensure your distributor isn't worn first...