Hmm, I have my suspicions, First I would put a long screw driver down and see if the oil pump turns to rule that out. Then check for carnage on the mating cam gear, should be able to view that through the distributor hole and then turn the engine crank to see all the teeth. I know you said you have a 59 261 but did an earlier core camshaft get placed into it? Check this:
http://www.langdonsstovebolt.com/tech/camshaft-cast-iron-or-steel-how-to-tell/Next if it is a cast gear on the distributor, did it crack at where the retainer pin goes through the gear?
Condolences, this sounds like it could be a nightmare on elm street.
Because of the sympathetic nature of this clan others will be along with their ideas too.
Does Langdon use new distributor gears, if so where are they made?
Steve