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it will work, but the curve will not be the same.
Retard springs and weights will probably be different.
I replaced mine with a 123-ignition in my xk150 3.8.
Works great.
As far as I know the Series 1 E-type is a 3.8 litre. What engine is in the XK150 ? If the same, I would think the E-type distributor will be as near as makes no difference. I assume you will not be taking the car to its performance limits where differences may show up.