That logic is sound. How will you control ignition advance? If you wanted you could use an EDIS and controller with a standard trigger wheel and still go through the distributor but if you're going to all that trouble why not go to a wasted spark set up and get rid of the distributor all together?

The other way around is to get a better distributor or beef up the bit that's wearing out quickly. I assume it's a plain bush bearing. Can you make it longer? Can you try different bushing materials? There are some excellent modern polymeric bearing materials around. If you're super lucky an Igus bearing might fit straight in.

I use EDIS and Megasquirt, rock solid and completely programmable.