Remove the bucket under that side snorkel, or use an open element type air cleaner. That is why it is better to stay with the small distributor. Want a hotter ignition. Buy an MSD 6A(L), and use the points distributor to trigger it. The points will last forever because the carry almost no current triggering the MSD box. Then when funds or time allows, get a spare distributor converted to magnetic pick up.
Carb spacer, maybe? I have Edelbrock intake and my 70 Aircleaner clears my HEI, Not sure on the 72 though.......
I had a GM Mechanic friend years ago install an HEI in my 70 olds w-30 convert. The dist is in the back in the olds. He bashed the bottom of the air cleaner with a hammer to make it fit! Murder came to mind. Any way i am in to Buicks now. I have since seen the Olds at shows air cleaner still dented! from over twenty years ago! Go MSD and forget murder.