I am sure I am in the slot. The shaft rotates 5 to 10 degrees C.C.. If I'm not in the slot the gap is about 1/2 inch.
I also measure 4 7/8", but it is not the tip that is hitting. The bottom of my dist drive gear, (which is 3 1/4" from the dist base) is hitting the machined flange down in the block,(which is only 3" deep). This is the reason for the 1/4" gap. This might be ok if the dist floated, but the bolt and clamp from the hei push the dist down in the block and I would think cause it to bind.