It is an aftermarket ignition box. It's capable of a stronger spark across a wider rpm range and producing multiple sparks below 3000rpm. You need a stronger spark to jump the electrode on the plug whenever you increase cylinder pressure ie., new cam, more compression, nos, supercharger etc. It will also help to produce a good spark at higher rpm's than the stock ignition can handle. When will you actually need it? You will find a lot of different answers to that. Some people will say that it will help on a stock engine, others will disagree. This is a very basic description based on one persons ideas, i'm sure more will lend their opinions.
I installed one on a stock 350 a few years ago. Made a big difference. It ran a lot smoother, started better, and was noticeably better on gas. There wasn't any difference in power that I could feel.
Now, since your stock HEI uses a module inside the distributer . And the MSD is basically beefed up replacement for that. Who knows if my original module just needed replacing. It might have run just as good with a new module (and that's about $250 cheaper than an MSD box).
I recently replaced the module in my Malibu (no MSD in it) and noticed pretty much the same things as I did years ago with an MSD box.
So, if you have the money to burn. Yeah, go buy one. But unless you have some radical 400+HP engine, I would just go for a new module.
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