Hi Jason,
replace the ancient spark plug wires
Be aware there's an awful lot of junk out there - plenty of wires cut off a bulk roll, supplied with plug caps that screw in the end of a wire.
Triumph moved away from separate plug caps all the way back in '71, to wires with both coil and plug terminal crimped on the ends, both terminals covered with (different-shape) plastic caps that fitted over either coil or plug. Much more long-term reliable.
However, making modern replacement slightly more difficult is '71 was also when the 650 engine went into the OIF - different coils position from the dry-frame, long plug wires same as triples. Nevertheless, the 500 remained dry-frame, coils in the same position as your bike, certainly
Mitch Klempf,
CBS and
The Bonneville Shop appear to advertise the correct complete plug wires/terminals/caps.
6ca
swapped for the older 4ca unit. When I decide to replace, I will go with your suggestion

Proverbial "polishing a turd" ime. Points require condensers; even before Triumph swapped to fitting the 6CA points plate, they were mounting condensers on the frame bracket under the front of the tank:-
... both CBS and the only Ebay listing I found said "Sold out";
. Britbike owners have been swapping to electronic ignition for half-a-century to my certain knowledge; I remember John Healy posting decades ago on BritBike lamenting the quality of the points available even from the original Lucas company before it was taken over.
. Points are also over the mechanical auto-advance; unless your Dad replaced that with new not long before he stopped riding the bike, it's likely worn? Several past posts on here say mechanical advance curve is poor for modern fuel.
timing wheel
big one and a small one. One for either side of the engine depending on what the aim is I guess?
To fit a timing wheel on the timing (right-hand looking forwards) end of the crank, you'd have to remove the timing cover, that holds the points and auto-advance. To do the timing on your bike, you have to remove the primary chaincase, fit the timing wheel on that end of the crank, lock the auto-advance in the full-advance position then work between the two sides.
I fitted my first Triumph with EI at its first 3,000-mile service 47 years ago. Never regretted it.
Having a bunch of fun in the mean time.
Hth.
Regards,