I think that the best economy high org ignition for the Virago is the edgy Speeduino. It is going to require a fair bit of engineering on my part: a trigger wheel - probably off the rear cam, a sixty minus two with the pulses provided by neodymium magnets; a pair of variable reluctor (or possible Hall Effect) sensors to impulse the ECU; the boards in a case under the tank; sensor placement; a cam bolt extension to turn the trigger wheel; a replacement cam cap with bearing and seal with cover; coils and their placement.
I anticipate a complete timing kit (ready to bolt on) at approximately five hundred dollars. As a bonus, it has the brains to run EFI with pulse width modulation - which the MicroSquirt lacks. One or more O2 sensors; a fuel pump; one or two throttle bodies; and a few peripherals and you're well on your way to fuel injection.