Mike,
If I read your post correctly your motor was running ok before you replaced the distributor. The plugs being wet would tend to make what the above posts say the problem. You have fuel and spark but they have to be at the right plug at the right time. First check and see that when the # 1 piston is TDC the rotor on your distributor is pointing to the # 1 plug wire position. If you think maybe it was wired like a 302 then just put the wires back that way and see if it starts.
Ron
