I've done this before and it is actually pretty simple. Just some more notes:
you'll need a 5.5mm socket for the PIP hold down fasteners...not something in everyones toolbox.
looks like the case in the photo, but if you use a vice and hammer to punch the gear off, use a soft hammer or you'll mushroom the end of the shaft. Again not something everyone has, but a press is the way to go if you can get your hands on one.
The photo that says "did I say mark everything?" shows the rollpin and dizzygear/shaft...they're actually drilled at an offset...the gear will go on but the holes won't line up, not too big a deal, just flip the gear around, good to go.
good to know info, as these things crap out all the time. I know the parts store legends about getting bad dizzy's (re-man'd)...this sidesteps that whole deal.....PIP is about $20, dizzy (re-man) is ~$80. Prolly take ~30 mins if you know what you're doing from popping the hood to setting the timing. 2-3 hours if you're still learning your way around a toolbox...20 mins/1-2 hours respectively to swap a dizzy....little comparison on time vs money.
just some food for thought about the dizzy's...did one for a friend, needed the car driveable quick, parts store sold him a re-man...for a pre 94 5.0...had the TFI module mount on the housing. It works fine, mount is empty real estate, but again, works fine. Didn't get in the way of anything...
The tell tale signs ofthis thing going south are: no spark/injector pulsing, car randomly dies then starts up a few mins later, randomly breaking up/sputtering/bogging down as you wind through the rpm...whatever you can imagine a car would do if it suddenly didn't have fuel/spark...or "know" when to add fuel and put in the spark....little bugger tells the computer when/where the #1 cylinder is...
thanks for the pics!
How-To: Rebuild Your Distributor and Replace the Stator 
