oil found on inside of distributor base below rotor cap definitely crank case oil.is this fixable and serious?

replace the o-ring on the distributor shaft and you will fine.

some of these do actually pump oil to the shaft to keep it from burning up,so id make sure its not just doing what it might have been designed to do,if its a lot of oil ,then it has a pressure problem with the oil,i found one like this a long time ago,and come find out it has a fitting that you could grease ,and it had all gotten real thin,but it kept the distributor from wearing out also,if it was a whole lot of oil it may have a breather clogged up on it that relieves the pressure on the motor,that's about the only thing i can think of right off that would cause it,good luck with it.

You're better off replaceing the entir distributor than trying to repair it.

A replacement distributor should run you around $140.00

If you decide to replace it, mark on the engine the exact location of the vacuum advance, and rotor. Then reset the timing a little.

Also, replace the spark plug wire on the cap one at a time. So as to not get them crossed and frustrate you when it won't run right.

usually that menas the bushings in the distributor is worn badly enough for the oil to back into the system ----REPLACE it

it is fixable unless it is cracked then it is not fixable

it is serious if it is not running right, it should be fine if it sound fine