A healthy Opti is more than adequate for a stock or near stock engine. The LTCC is a great system, but has the most benefit for high horsepower, power adder (forced induction, nitrous) applications. A cap and rotor may be all you need. Depends how old the Opti is. Everyone seems to forget that a distributor is a maintenance/replacement item. Some people have the stock unit last almost 200,000 miles. Others have problems at less than 100,000 miles. Unfortunately, soaking them with water USUALLY produces bad results. The back 1/2 of the Opti, the part you are not replacing contains the optical cam position sensor (reasonably reliable) and the bearing (sort of a cheap piece that will rust and wear). The LTCC requires a healthy cam position sensor. If you are sure the existing unit does not have a worn bearing, it will be OK.
I know there is a post above that says getting them wet is not a problem. That person got lucky. I've been on these boards for 15 years, and I've owned my Formula for 19 years. I've seen way too many people post their experiences with water on the Opti producing failures. Anyone who says these problems don't exist is living in denial.
Then there are people who are actually afraid to drive their cars in the rain - that's the other extreme. You don't have problems in the rain. Not to say that someone didn't drive through a deep puddle and have problems, that has happened. It's all about "probability". Wash down the engine, and there is no guarantee the Opti will suffer, but there is a very high probability it will. Drive in the rain, and there is no guarantee the Opti will not suffer, but the probability of a problem is very small.
As far as the LTCC, you need a set of 8 LS1 coils, and mounting brackets. You need a wiring harness and a new set of self-made spark plug wires. The coils are readily available in junk yards from many different applications - the LSx engine and it's derivatives have been used in hundreds of thousands of GM cars.