I got a chance to pull the distributor out of the engine, to break it down. Thought I would share my findings and some mods I did to make it more reliable.
First thing I did was press out the drift pin that retains the distributor drive gear and pul the shaft out.

I found the crimp at the top of the distributor shaft that holds the rotor mounting plate was able to spin back and forth about 5 degrees, not good!
So A few tig tacks did the job

After removing the magnet holder and its indexing key, I relized this plastic key can easily strip out of the key way in the shaft. Since mine was a decent fit I simply cleaned it and added som armstrong A-12 epoxy to insure its not going anywhere

I cleaned up all the rust and re painted. The loose fitting msd cap was the final step. I machined an alluminum ring to fit over a step on the outside of the housing, drilled a tapped it for 8-32 and dropped some cap screws down to squeeze it up tight. It fit real nice. And the cap is super tight now.

Dropped it back in to the engine, unfortunatly its snowing out so I cant test it but I think it should be more reliable now.
Rich