[olddog]

Very basic start. Just because you have fuel pressure, it does not mean the Carb is full of fuel. Filters can plug, floats can stick. Pull air filter, so you can see the accelerator pump's spray nozzle. Open the throttle and make sure it sprays fuel. Smell the fuel and make sure is smells like gasoline.

You need to see if you are getting spark at the plugs. They make a light you can plug in, but you can always use an old spark plug (that works) and ground it. Crank it and make sure you get a hot spark that is steady. You should see a spark every other revolution.

I expect one of these tests will fail. That will tell if it is fuel or ignition. Then go from there.

The distributor itself is mechanical and not likely to be a problem. Lot's of things in the ignition system to go wrong and it depends on exactly what ignition system you have as to how to trouble shoot deeper.

I have had a key switch fail. Thought it was everything other than it. Replaced everything else trying to find it. So don't jump to assumptions. It costs a lot to replace everything that is not bad.