"I seem to have oil leaking out from under the distributor, do I need a new one?"
The leak at the distributor... I have had the same leak. It is an easy fix. Remove the distributor cap and ignition module. Put a piece of tape on a nearby piece of something, exactly where the rotor is pointing. When you re-install the distributor, the rotor must direct to the exact same point. Remove the bolt that holds down the distributor at the engine base. Pull out the distributor. Take it to an auto parts shop and have them size up a new o-ring, a 50 cent item. When re-inserting it, there is a hex shaft that needs mating to, and that spiral gear too. When pushing the distributor down, it rotates because of the gear. Make sure that when it is all the way down, the rotor is pointing to the tape you stuck on earlier. Re-install the module and cap. Adjust the timing, or have someone else do it if you don't know how. All done, and NO leak.
From: Ron Dittmer