If you have an ignition system that is using a Pertronix conversion kit;
..... the system is relying on your 30 year old (1988) mechanical advancing system.
...... your system is relying on 30 year old shaft bushings.
..... your conatacts points have been replaced with cheesy Pertronix Hall Effect triggering unit.
Do these work???? yes, but IMO you would do much better if you would replace with new Non-Hall Effect units.
If planning to use this as is, I would take the distributor in to a shop who owns/operates an Old School Sun, Allen or King distributor machine and have the advancing system verified and/or calibrated for a correct as per Engine Marine ignition advance curve!!!!
See if this helps with the wire colors:
http://www.pertronix.com/docs/instruction-sheets/1181.pdf
Suggestion:
Mark off your harmonic balancer up to approximately 35° BTDC.
Find your correct OEM advance specs!
Set BASE advance and then strobe timing marks as to watch the Progressive advance as RPM is increased.
Verify the Full-In advance as per the OEM full in specs.
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