No it not just a simple remove and replace. I suggest getting one of the books on engine rebuilding such as the" Model T Ford Service" or "Repairing and Restoring the Model T Ford; The Engine". Both are sold by the parts dealers. There are setup procedures that need to be followed for things to work as they should. While it is apart would be good time to check for cracked magnets and replace as needed.
There are also a number of good You-tube videos on line that will show the process, for example;
https://www.youtube.com/watch?v=BfG9Ib1udxc
The whole series;
https://www.youtube.com/playlist?lis...GmKK1nA0Yctp6G
Mike does a good job showing what needs to be done. The only real tool needed is the gap gauge but there are work arounds.