Ron,
Since it reads like your car is a late USA model with transistorized ignition and all USA emissions (two black boxes, two-way valve, etc) and probably an 062 distributor, the change to a 123ignition is not as simple as earlier cars. But achievable.
I will try to explain --- but it's not easy without pointing to everything under the hood. In addition, I am referring to the 123 that is pre-programmed ( with 16 or so presets) not the 123-TUNE. If you got the Tune unit, this may not apply.
I believe (others clearly believe differently, as you will read) that the 123 when set on program E (if I recall the program correctly) for the 062 dizzy requires that your relays and two way valve work properly in order for the 123 to get the proper vacuum at the correct RPMS. The issue you have is that the throttle body on these USA late 280s is matched to the 062 dizzy and provides vacuum all-the-time, regardless of the rpms, always retarding unless interrupted by the two-way valve etc. Program E, expects that vacuum will be controlled by the two-way valve and the relays.
This said, you have a couple of ways of making the 123 work without repairing all your relays and two way valve and bypassing it all etc.
Some have simply connected the vacuum line as it comes from the USA model, vacuum all-the-time, throttle body directly to the 123, used program E and timed the car with a bit of extra advance and called it done. This seems to work for some quite well. For others, like me, not so much. This is the easiest solution if it works for you. The issue with doing it this way is that you may not be able to get 30+ degrees of advance at 3000 rpm and still have an advance at idle that is comfortable. Your advance at idle may be too far advanced. If you set your advance at idle at 8 BTDC, when you rev to 3000 you may not be able to reach 30 degrees BTDC. Hence you may not get the power you would expect. This is because your throttle body is providing vacuum all-the-time and continues to retard the dizzy --- and without the two-way valve and relays, the vacuum stays on and keeps retarding. As you will read, some have no issue with this and their cars seem to run just fine. This is the easy solution if it works for you.
For me, the above method caused my 280 to have less power in the higher RPMs and idle was not comfortable with extra advance.
The other method is to replace the throttle body or modify your throttle body to a "European" throttle body which does not need the relays or two-way valve. This modification is reversible if someone wanted to put everything back. By changing (replace or modify) the throttle body you would use program 8 on the 123, which is for the 051 dizzy. This modified or replaced throttle body only has vacuum at idle/low rpms so only retards at low rpms, hence giving you full advance to 30+ degrees at higher rpms. You can recognize the different throttle bodies in the tech manual. The one that I'm referring to (as modified) is the one commonly matched to the 051 dizzy that uses program 8 on the 123, has the vacuum coming from underneath the throttle body directly under the butterfly. You can swap yours for this type or you can plug your vacuum port on your current one and add a vacuum port on your throttle body at the proper place in order to only have vacuum at low rpms. If you are not comfortable drilling a precise vacuum port into your throttle body, send it to one of the experts, I know Gernold at Sl-Tech has done this for others. I modified mine myself as I used my 250sl throttle body as a model and matched the port location and hole size exactly. If you do this yourself, you need to be precise so only power up the drill if you have a model to match to. If you want to replace the throttle body instead of modifying and find a correct one, you need to make sure it's for an Automatic or Manuel depending on your car.
With a modified throttle body, the 123 set on program 8, and the vacuum line run directly from modified throttle body to the 123, my car runs much better. By doing this, you are basically making the Late USA car work like a Euro car or an earlier non emissions USA car.
I do hope this makes some sense --- again, only pull out the drill if you fully understand and have a sample to match.
I hope others provide opinions as well --- my experience seems to differ from others so it would be good for you to get more feedback.
Best,