Got the wiring diagram from
http://www.thehorsebc.com and they have others....
Looks like it'll work provided you have your terminals isolated from the studs using the nylon spacers. Looks like you have that right too from the picture.
My bike is pos. ground and I have the points and condensor on the pos. coil terminal.
Pretty sure neg. ground would be opposite.
Johnny
P.S. Jimmy, I was kind of thinking the same thing and was wondering if strobe timing would still work. Had to go turn the engine over slowly and watch it all happen in slow-mo to understand it!