Ok, to wrap this thread up.

Grandpa suggested turning the motor while pushing down on the loose distributor to get it to seat in the pump. Freaking genius. Moot, because as soon as I loosened the screw clamp, it dropped down into the slot. I am sure someone smarter than me can calculate those odds, but I though the tip for pushing down would be good for someone searching this topic in the future.

Oil pressure built like gangbusters, here is a newer, better video of the motor running:

https://twoheelers.tumblr.com/post/160015475436

I am draining the oil now, and will flush with diesel, and drop the pan one more time. Going to make a run for some new plugs and wires and hoses, couple more oil filters, and a few cases of oil. The plan is to change the oil often in the near future.

Next step is to test the fuel pump with a five gallon bucket, and try to figure out if the tank is rusted. Rebuild the carb, and figure out why brake fluid is leaking down a rear tire.

New life goal, drive this thing in the Fourth of July parade.

Thanks again all.

1959 Chevy Viking. Belonged to my Great Grandfather