Yes.Thats indeed a tfi module.The picture below shows the pip sensor.It sits near the bottom of the distributor,under the armature.The distributer shaft will run through the center hole in the pip sensor once the new sensor is installed and the distributer shaft is reinserted into the distributer housing.Thats the reason why the distributer shaft has to be removed completely from the housing.The diagram shows the distributer components.

 

Thanks
I'm probably just going to buy a new distributor and tfi module and be done with it.

 

I dont blame you at all.Thats what I'd do also.