The insulator that keeps the stud through the distributor housing from shorting out is actually a 2-piece setup with a spanner nut on the stud holding it together. Oldtime tune-up tool kits had a special wrench to turn that nut. If the threads are stripped or that spanner nut is bad, you'll need a new through-the-housing bolt and nut, maybe from a junkyard distributor. It might be possible to modify a machine screw and nut to work by grinding the flats off the nut and filing a slot in it to allow it to be tightened, assuming the insulators are still good.
Edit: This is a Chevy distributor stud tool:
http://cgi.ebay.com/ebaymotors/Chev...arts_Accessories&hash=item56457082afThere's an 11/32" nut spinner on one end, and a 2-pronged spanner wrench on the other. It's essential for doing a good point change.
Jerry