If you already have the wire coil wrapped - "magnetic suppression" wire (sounds like you do) - use it. Its the best choice for this sort of system anyway. The old graphite filled antique suppression stuff isn't going to work too well and the new electronic switching units hate straight solid core wire.
I believe the Mallory ballast resistor you mentioned is a "variable resistance" type - when it is cold, it lowers the resistance to give a hot starting spark - then warms up to its normal value after the engine runs awhile. Anyway - it usually bench tests at a low cold value.
I checked out the Mallory web site - the #700 ballast resistor is .75 OHMs cold and 1.50 OHMs hot - so they are basically suggesting you not use anything less than a 1.50 OHM resistor.
The coil they suggest for the Unilite system is a # 29216 (or #29220) which are .7 OHMs primary resistance. So total with ballast is 1.45 OHMs cold and 2.2 OHMs hot.
The info also suggests that the Unilites with part numbers ending in "01" come with a total centrifugal advance of 24°. So I would set the initial at 12°-13° and see how that works. If the final advance point turns out to be way upstairs RPM wise - look into the Mallory advance modification kit #29015.