jdl: that little red like piece of fiber your talking is what "lubed" the distributor shaft where a part of the point breaker arm rides against the distributor shaft. The "lube" keeps the "tab" that rides against the distrbutor shaft from wearing out fast and causing your point gab to close up.....
BUT do not be concerned with this now everything is going OK and its no big deal right now. Just mentioned it to perhaps help you understand more as you learn more or if it comes up.
Hope I'm making some sense. Your doing a great job Jordan.
