phils2200
+1y
Ya its a capacitor. .47uf/250V rating. I did similar to Cusser and just used an old condenser for a 70's era Ford. Don't know if its the proper value though (I don't think it matters as far as the ignition system - mine runs fine). I'll probably just order one from a dealer to make sure.
Oh ya (when I think back to my electronics days)...and it might be part of the primary ignition oscillation circuit. If so, the capacitor is necessary to get the oscillation going in the coil after it fires. It produces a ringing voltage for a few cycles that effectively increases the duration of the spark and yes that would give you better ignition and more power. So I correct myself - I think the proper value of capacitor is important for optimum spark performance.