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I took the top half of the shaft off. The oil under felt goes down and around the bottom part of the shaft that sticks up into the top part. The top part turns on the lower shaft for spark advance. Oil in the felt tip of the shaft keeps the top part free so it doesn't seize up. There are holes in the bottom of the distributor for excess oil to drain oil should you oil it too much.
It appears there is no means for that oil to make it to the lower part of the shaft. It looks like that area is sealed on both ends. I'm thinking I just need to put some light grease in there when I put the shaft back through the body of the distributor.
Craig
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