[RICK LAKE]

Leecbr Lee Picture #1 show 2 black marks in the cap at 1 oclock and 3 oclock. Is this a shadow? It looks like a carbon track going into the cap. This will cause missfires. You have the cap upside down so I don't know what 2 cylinders those terminals are. You said the missfires are coming out of 1 bank. This cap looks shot. The spring on the rotor is pitted also.
Next I know you might not know but like others have said, why is the advance wired off. You don't have an FI system. MSD system give you 15 degrees of spark, but rumor has it that this only last to about 3,500 rpms and then stops because the compasitors cann't recharge that fast. That advance should not be wired off with out weights and springs on there.
Before you go crazy with power valves and fuel system checks, lets finish with this distributor. By the way there are no points in this one. I know you didn't know. It's all good. With over 10 years on this, IMO I would order a new one complete, Shop around for the best price, Jegs, PAW, Summit, Pep Boys, Reilleys, Autozone, and other places. i have learned over the years, lets replace 1 part at a time, this stops alot of misstakes and buying extra parts. Any one locate that you could use their as a tester?? this would really help off a know good running motor?? Good luck Lee. Rick L.