In its simplest form you'd be able to use these slots in "simple trigger" configuration and keep the distributor.
It all depends if you want simple, or rock steady accuracy.
The problem with cam mounted triggers is that theres a fair degree of "slop" involved: Theres cam belt or chain movement during acceleration and deceleration, as well as drive gear backlash. Admittedly it doesnt add up to more that a few degrees, and all the slop is taken up when the engine is accelerating, but it can make idling less than smooth as the engine will speed up and slow down which will cause the ignition to advance and retard which will slow and speed the engine..
In short it will only ever be as good as the stock system!
Rob