Solid lifters? what kind did you use? Milk bottle style with full sides or the later type with the cast relief in the middle? No don't use the 216 distributor. It has a slightly different design then the later distributors. Use one that would otherwise be installed in your block to create the correct oil event. The delco remy unit ending in 2403 became the service replacement for all early distributors (directly from delco remy literature) so I would not take a chance. They can be had for 20-30 bucks on ebay or I will bet close or better then that in the classified here.
I would not start it until you have sorted out the oil issue
