My 340 in my 66 developed issues :-(

Well I have a little down time now that my block is in the shop. I'm going .060 over, things measured well.

I have a question for you guys about my ignition system... What do I have? People ask me and I don't know what to tell them.. And is it a good system?
Can someone explain to me how this system works? What is the deal with the ballast? I'll post pictures of what I have...