318 LA Engine Hot=Noise Dist.
Usually if the dist bottom bushing dries out enough to make noise, the dist will lock-up and begin to turn in the block. About the time the vac advance can smacks the firewall the timing will be so slow the car will die. There is no direct lubrication to the shaft, just windage from the lifter valley. In a high mile engine which has had few oil changes (or has been run with substandard oil) sludge may build up and prevent the shaft from getting any oil.
Why doesn't your distributor look good? They were't exactly the most attractive part on the car to begin with.