Listen to this noise...

So the noise has been fixed. The rotor indeed was hitting the contacts in the cap. The 1/8 inch of vertical play on the cam was allowing this to occur. To fix this I made a washer to set under the spring clip. Funny enough this washer was made out of a water bottle cap just to make sure my assumptions on the rotor were correct. Yes that sounds shade tree as it gets I realize that. I used the same type washer to insulate the grounded field on my alternator to convert it back to a dual field a few weeks back. I most likely will end up replacing the distributor still , but she runs. If anyone has replaced theirs with an electric one and is willing to give me a good deal let me know! Thank you all for all your knowledge!