The STREETINDUCTION wont clear an HEI GM electronic ignition unless you cut into the back of the STREETINDUCTION base for clearance, you would need to put a smaller diameter distributor in like a Mallory or Accel, or a Standard early Chevy points type distributor will fit and you can also get that design as a simple drop in quality replacement electronic ' Pro Billet' distributor from MSD Part No 8360.
If absolutely necessary you can cut the back of the IN600STREETINDUCTION body for HEI clearance if you want to or 'have money' in your distributor, this has been done succesfully but it takes fabricating skills and its just a lot easier to fit a smaller distributor in.