Pistons and rod bearings are nearly impossible to get for the Packard V8 unless u want just cast Al. pistons.
U mentioned rods. HP i assume. Since pistons are difficult then one mite be complelled to run SBC pistons with NEW rods to accomodate the SBC pistons. If u gotta buy new rods (HP i assume) then mite as well make the pistons ez to get and relatively cheap to offset the cost of the special rods.
As for the magneto it just won't get u much unless u plan to turn very high rpm or need to trim weight from the vehicle for strict racing application (no generator, no battery etc).
See this
https://packardinfo.com/xoops/html/modules/newbb/viewtopic.php?topic_id=3290&forum=12&post_id=40445#forumpost40445 Cheap and ez.
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