Is the factory ignition good enough to use with my M-1procharger 5lbs boost, or does anybody recommened an aftermarket set up, which one?

I personally think the Ignition is quite capable of doing the job. I have installed Crane, Jacobs or MSD ignition to these motors to clean the idle up a little and give a nice hot spark to help out.
John

the msd digital 6 plus is a nice system. also with the boost module you can fine tune timing removed under boost, and things along those lines.
crane hi-fire box has a couple of different curves you can choose. dont find it as dependable as msd.

merc is nice as well .