Listen to this noise...

Sounds like A/J and I may have found it? The rotor fits on pretty tightly and should be pushed on pretty hard. If the nylon gear is still fastened with its roll pin, there should not be 1/8 up and down play on that part, but there is another place to check: there is a spring clip under the felt wick that holds the upper part of the rotor base, that may be missing or maybe not seated as there should be very little up and down movement on that rotor. You see what it can do when it moves.
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So I am fairly sure the shaft has been worn down over the years where the spring clip rests which has given the vertical play I am experiencing. Or I have the wrong clip. Now I am trying to figure out if I can find/make a bigger clip spring to fill the gap or if I need to get a new shaft. Any recommendations?
How about another distributor? Ill mail you one if I can find it...
That clip may seat itself when the cam plate is on. Ill have to look tomorrow for that points I'm sure I saved.
I mocked up a bigger clip with a paper clip and I no longer had that vertical play. I guess I just wanted to learn how/if I could fix the problem before I decided to replace it. I am 28 years old and I bought this car because I really wanted to learn about these old beautiful beasts that came long before me. If you happen to have one on hand that would be awesome. One of the reasons I went the Mopar route was the community I saw.