Dont worry about replacing the trans or engine belt yet, there actually pretty easy.
The device turbo is referring to is called, the points saver by Kirk engines. Hope this is the link.
I put the module, blue coil, new points, new wire in both of my 212's. Also the hex screws for the points and cover. Setting the timing can be a pita, but It went much easier the 2nd time.
Heres a pic installed,
The first item you should do is remove the engine tins and clean the fins really good. Both of mine were pretty bad, especially around the oil fill tube.