Wow...yeah...funky all right! Never seen anything like that before. No clue what it is, probably got to pull it to see.
Either the distributor shaft is bent or the rotor is hitting the inside of the cap. In any case, if you take the cap off and have someone crank the engine, you should be able to narrow it down.
I've had this in and out. several times and nothing out of the normal. Never though of spinning the shaft until I actually got it fired up and seen it moving around. Now Im thinking of doing away with the rats nest of vac lines. go back to vac advance on the dist and non feed back carb.
LOL Yepp. Its fully seated. Not just the cap but the entire thing from the block up. Still have the unit that was in the original engine. I'll set that in place just to see if its the issue.
If it was not seated on the op drive the flange would be above the mating surface on the block. Its fully seated and clamped. Also I doubt it would have any oil pressure. That vid was shot within 2 mins of it starting after sitting several years on the ground. Did pack and prime the oil pump with a gauge installed to verify pressure while it was on the stand. After 10 mins of running it quieted down, the blow by quit. I'll probably stab another dist down in there today to see whats it does.