Gotta ask, why do you want to replace the TFI chip on the distributor? The TFI chip typically either works or it doesn't. The hall effect sensor/ PIP is the same thing, either works or it doesn't.
I have this one on my Coupe (more expensive but its another option):
Literally just separated the existing TFI from the distributor, found a suitable location for the remote head sink, installed the TFI chip on the heat sink, and mounted the heat sink. Then installed the dummy TFI on the distributor and wired things up. Works great!