Well, don't worry, it's a cheap and easy fix -- a P60 OEM part called distributor o-ring is the answer.
Step 1: Mark your timing by using a ruler and pencil.
Step 2: Unplug all electrical connection to distributor and high tension wires (make sure you remember which hole the wire you unplugged belongs).
Step 3: Loosen the bolts holding your distributor to the engine.
Step 4: Pull out the distributor.
Step 5: Look for the short shaft and look for the small circular rubber ring. Take it off by cutting or pulling. It would easily snap due to age.
Step 6: Put clean oil onto the new o-ring. Slide in to install. (just like how slide in your favorite "rubber" LOL)
Step 7: Put everything back reverse of how you took them off. Clean the mess you made.
Enjoy!
