You're correct, one turn every 1k, it should be filled with chassis grease, don't use the heavy wheel bearing stuff, use the light chassis grease. The old vehicles need a lot more care than what we are used to with todays cars. You should wipe a little light film of grease on the distributor cam also every few thousand miles. The points used to have a phenolic rubbing block which had no self lubricating qualities. The new rubbing blocks are made from a self lubricating material like Delrin that actually lasts longer and requires less care but still a light coat of grease on the cam insures that they won't wear down to soon.
Also there should be a small felt pad or wick under the rotor, a few drops of oil on this at the same time lubs the cam also.
That's about all there is to it. Just don't over lubricate all that will do is dirty up the insides of your distributor and cause problems with your ignition system.
Denny Graham
Sandwich, IL

Denny G
Sandwich, IL