Hi Tekuhn,
As was mentioned in my first post. The grease well was used for the first year until the oil mist primary lubrication takes over. Also, the shaft would be installed lubricated as well for start up so lubrication everywhere for different durations. Keeping in mind the above was the system GM used based on the part technology back then.
The waters are muddied now by the use of sintered oil impregnated bushings in new distributors (soaking in oil before install) to replace the old grease lubrication. Otherwise the internet would be full of posts of guys with seized shafts on new distributors that just stab them in and drive. And this just does not happen with the distributors being sold now. I am sure there were problems with unknown sourced parts (skip white 2010ish?) distributors that he would just send you a new one if the one he sold you crapped out or didn’t work. Probably cost $8 to make and are still floating around in garages and guys hordes today.