Kevin, I'm with you when it comes to questioning. There is nothing wrong with making oneself questions like: Would this work? If not, why not? Would there be a simpler/cheaper way? etc.
In this case, there are some peculiarities that lead me to think it will not work exactly the same. The advantage of using the opposite points are just to save a transistor. Disadvantages could be much worst, from retarding the ignition to running erratically. In any case, the excess in fuel consumption for a retarded ignition exceeds by far the cost of a transistor, so I would go with the "fully semiconductor inverted logic"
But, and this goes to Hondaman, instead of using a driving transistor, I would use a Schmidt hex inverter, like the CD40106. Can be powered directly to 12 volts, has open collector -so it can drive directly the final stage transistor, and having hysteresis, you avoid the possible rebounds of the points. And having six inverter in the same chip, you can put three of them in parallel to increase output current and reliability....
Raul