Most of the time, the corrosion I have seen comes right off with a bit of steel wool or fine sandpaper, depending on where it is. The HEI systems really seem to be "resilient". Had bad weights and springs (sticking badly) in my distributor, thought for sure I'd pick up some serious power and economy, and noticed nothing when I got them working right.
Heck, as long as the cap and rotor terminals are clean, not cracked, the terminals are still tight, and nothing is actually missing pieces from corrosion, those can be cleaned and reused as well. They are easy to inspect, unlike plugs and wires which can have flaws that you just can't see. I can state with certainty that new vs. used on cap/rotor made NO difference in performance in my truck or car, numerous occasions. At least not enough to notice in MPG, (or feel, but thats wholly inaccurate) which I closely monitor.
Check the endplay and bushing on the distributor. Good learning experience anyways. Nothing wrong with stock, they just are well designed. From experience though, it pays to look at these while you are digging into everything, they CAN have problems.
To me replacing a cap or rotor just because is like replacing a steering wheel because its old...you can see the whole thing, if it needs replacing, you'll see the problem, and thats the time to replace it. Coil is the same to me...thought I had a bad coil, but replaced the wires first, and the arcing (visible and audible) I thought was a coil problem disappeared.