How much clearer can this be? Bakelite! Now that we know what it is, what is/was it's purpose?
The spring and disc are used to keep the slop out of the shaft, this keeps the point gap uniform.
The grease cup lubes the wear disc.
Dave's reply/explanation sounds good.
The various references to felt and wicks (as shown in the MPCs) are confusing because there is a felt wick at the top of the distributor post, at least in the earlier distributors (under the rotor - "Shaft Felt Wick, in Cam", item #37 in the 47-51/52 Shop Manual, in link given above).
