If you bypass the ballast resistor your points will burn up! Oh, wait... Why is there a ballast resistor on a breakerless system?
I think you are thinking of the condenser on a points system. The
condenser (an old fashioned word for capacitor) absorbs the
flyback energy from the coil which prevents arcing across the
points (the arcing burns the contacts).
The ballast resistor limits current through the coil. Breakerless
has no dwell control, so if the distributor happens to stop with
a finger under the sensor, the coil will remain energized, which
leads to an overheated and ultimately failed coil or power stage.
A breakerless power stage (a big transistor, essentially), will
get quite hot if you overdwell it. Either the coil or the
ignition amplifier will fail in this situation.
The same will happen to the coil on a points system, if the
distributor stops with the points closed, your coil overheats
without the resistor.
The ballast resistor does reduce the spark energy.
When cranking, the ballast resistor is bypassed, to allow for the
hottest spark when trying to start the engine.
Breakerless is a nice upgrade from points, but spinning weights
and vacuum cans can't touch computer spark timing control.
Converting to computer mapped ignition timing was probably the
single greatest improvement I've made to my engine.
Find a wiring diagram and reproduce it. Breakerless is pretty
simple. Sometimes the ballast resistor is located near the
battery rather than the passenger strut tower.