I read out the distributor pick-up and it read good, but on closer inspection the whole assembly seemed to be severly corroded, and the wires were dry rotted and cracked, module was looking a little suspect as well. Long story short:
I found a good deal and replaced the entire distibutor for $20 more than just a pick up and module would have cost. Now the car runs much snappier, starts quicker, and sounds much better. The only troubling thing is that there is a little more vibration. The distributor that I bought looked a little different than what came out. Here is what I installed

The one I removed had the pick-up enclosed in a copper ring. I couldn't see how that ring could be incorporated on the new dist. Is there anything missing from the new one? All I added to the assembly in the picture was the cap and rotor.
The manual didn't help at all, first step told me to remove three screws. Well there weren't any screws holding the original dist pick-up together. In fact it didn't seem servicable at all. However the re-man unit does have the screws.
When I installed the new dist I lined the pulley mark up with 0* TDC, the rotor up with #1 spark plug terminal. It fired first time and I was able to set the timing to 0*. I'm paranoid now because it went to easy. Considering that it fired right away and I was able to time it, is there any chance it could be 180* out, or off in some other way.

 

I doubt it, if it was 180* out, you would know it right away. The engine, at the very least, would not start. Considering it fired up and you were able to time it, I'd say the distributor is positioned correctly.
When you installed the new distributor, how did you deal with the spark plug wires? Did you leave them attached to the cap, did you take them all off and then install them according to the firing order, or what? First thing I would do is just double-check the firing order, just to be 100% that's not your problem.

 

I marked #1 on the cap and installed the wires from there using the intake manifold firing order as a guide. #1 being the first terminal clockwise from the drivers-side cap mounting screw. I did double check the firing order at the time and again this morning, but thanks for the suggestion, it's just the kind of thing I was thinking of.
It seems better now, I'm wondering if the ECM needed to re-adjust itself after having the battery disconnected and the new components installed.
I do have a slight exhaust leak that doesn't seem big enough to cause any problems, but I'm having it welded just to be sure. BTW the leak is at the cat to y-pipe junction, just a little soot is showing and a slight puff of exhust at idle. It is only installed with a clamp, isn't it installed with a flange from the factory?

 

double chk firning order. You could have 2 plugs swapped and only notice a slight miss, vibe, or possibly nothing at all. I did that on my truck, and after a week I stopped being lazy and fixed the order..

The 3 screw thing is misleading. On my dizzy, I had to punch out the "role pin" located by the lower gear. Then slide the magnent/rod assy up and out ot the dist to even get to the coil pickup. Clean inspect for cracks and reassemble. not to hard to do once you figgure out the instructions are written for a refrigerator. (refrig thing was joke if no one on here catches that..)

how much was the dist?

-T