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Ozone, caused from the electrical sparks from the rotor to the terminals. That's what the small vent on the cap or the side of the distributor is sopposed to be for. It's just not always enough with a high power ignition system.

If you continue to get the corrosion, you can tap a small hole in the side of the distributor and run a vacuum line up to the air cleaner. It will give just enough vacuum to keep the gases from building up in the cap and causing the corrosion.

If you think the pump is running it lean, get on a back road and hammer it, when it starts to stumble throw it in nuetral and shut it off at the same time. Pull over and check the fuel bowls, if they are empty you will know that is the problem.

If you're having a misfire, the A/F meter can read a false lean condition. The O2 sensor can read the unburned oxygen and think it's lean when it's realy not. I'd check plugs, wires, cap, rotor, and coil first. Just to be sure it's not a false lean reading.