Don't know about Homelite, but I did this on my Mercruiser 165 (basically a GM 250 6 cylinder inline) and it made a dramatic difference. Engine runs smoother, starts easier, and I only have to set the dwell. However, the only problem I ran into was with the coil. When I bought the ignition module, they recommended a specific coil. It did not work properly with my engine. When I re-installed the original coil it ran fine
Yes, I think the pertronix is a must have for these engines. Stable idle, instant starts, smooth cruise. Doesn't add power, just helps her start and run efficiently.
I sold all my factory tooling and parts.