OK, lets have a quick look at what you can do with a 16v to get it to be a clockwork engine rather than an electronic one.
Firstly, the distributor - If you take a look at a distributorless 16v engine, the chances are that you'll see a little plate where the distributor would normally fit. Pull it out, and you can put in a distributor, though possibly you may have to fit an earlier oil pump with a suitable distributor drive. A new oil pump is a good insurance policy anyway in my opinion. You will also probably have to drill and tap a hole for the distributor clamp bolt, but that is into an alloy casing, easy to do.
This will allow the fit of any of the boxer dizzy's, but bear in mind that the advance curve of non -16v dizzy's may not be ideal for the engine. If possible, a 16v dizzy is best, obviously.
Carbs? Well, you can put them on quite easily, I reckon. I went to the hassle of welding on a plate onto the 16v manifolds, but then I thought 'hang on, why do I need to weld?'
Why not look at making up a plate to take the carbs, then with a combination of good flexible grade epoxy ( Eccobond 104?)and some strategically placed bolts threaded into the manifolds, bond the plate on to the manifold. The assembly does not have to be mega strong, it will go to a max of 120 deg C on the worst possible day (epoxy can easily take that), and just has to seal against a modest water pressure. If you have been careful, it should perform perfectly well, after all, it's a method used in the aircraft engine industry.
The injector holes could be tapped with a coarse thread, then blanked off using bolts and a bit of loctite.
After all this is said and done, I think that it is feasible and could be done relatively cheaply, just remember that you will need an electric fuel pump, and a good rolling road session to sort the jetting. 40's from a late 1.7 33 are the best bet.