Listen to this noise...

If the ring gear teeth on the converter rubbing on the shield would it not make the same noise? Would it not come and go as the OP stated in his first post.

I am pretty sure if that noise is coming from the distributor you should be able to grab the cap and would feel this..would you not?

You would think......but the OP also said "I don't know what to do next", so you have to weigh THAT into consideration.