Hi,
Since it is a LoBoy, I suppose it has a Battery Ignition unit. You didn't say.
I don't think a kit for a Delco distributor will fit an IH distributor. You would have to buy one for an IH distributor, for the Cub LoBoy.
I would give the engine a compression test, then you will know what it has.
I would use the points, and try to get it to run with the points first.
If it has a Battery Ignition unit, when the number 1 cylinder's piston is at TDC, the rotor should be pointing to the upper right post on the distributor cap, if the distributor, and spark plug wires, are still positioned the original way.
When getting it to run the 1st time when putting it together, usually they start easily if the rotor is pointing to the upper right, even if the timing is not exactly right.
Below are pages showing the Battery Ignition unit, and the points, and setting the gap.
Notice on the 2nd page, the distributor is originally turned so the small post on the side of the distributor is facing to the right, then the number 1 spark plug wire post is at the upper right.
The firing order is 1 3 4 2, going clockwise around the cap, looking ahead from behind the cap.
Be sure the wires are in the right posts on the distributor cap.
http://farmallcub.com/rudi_cub/www.clea ... age-11.jpg
http://farmallcub.com/rudi_cub/www.clea ... age-12.jpg
After getting it to run, the Cub service manual says to set the timing using a timing light, like cars with a distributor in the past used.
Below is a page from the Cub service manual showing the timing marks a Cub LoBoy should have, except for maybe the 1st LoBoys, they might have only mark number 1.
Mark number 1 should be aligned with the pointer when the engine is running at slow idle speed, 500 RPM.
Use only the pic and the words under it, they are talking about other things on the page.
http://www.farmallcub.info/manuals/gss- ... 001-43.jpg
Below is info for doing a compression test, if you need it.
Usually they say on here to give the engine a compression test, so you partly know what condition the engine is in.
Remove all 4 spark plugs so they are out of the engine at the same time.
Clean any dirt from around the spark plug bases before removing the spark plugs, so dirt doesn't go into the cylinders.
Use the starter for the test, not the hand crank.
Charge the battery fully before doing the test.
Charge a new battery too, they are not always fully charged. Use a small output battery charger, and let it charge slowly, it may take several hours.
Open the throttle fully, so the engine can get air for the test.
I write down the results so I have a record.
The Cub service manual says a Cub engine has 120 lbs of compression. That is probably for a new engine. Some less is ok, 90 lbs or more is ok.