The distributor valve body on my 38 sits external to the block on the drivers side. There is a large spring internally that holds the actual valve against the valve body. The distributer valve has it's own small spring that allows the oil pressure to build before opening and allowing oil to flow to the rocker arms and dipper troughs. While yours isn't exactly the same it should be similar.

If your rocker feed line is open, that valve could be stuck shut. If so it's cleanable & Chevs of the 40s used to carry them if you need a replacement. I used to see them on eBay fairly regularly but I haven't seen one for several months.

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