I took my Distributor completely apart.
Follow the instructions above and put a couple of drops on the felt pad (if you have one left, they are normally lost) if not just on top of the screw in the middle..
If you fancy taking the distributor out completely you will see if you flip it upside down two little holes on the bottom.
inside these two little holes , inside the distributor, are two more little felt pads, and if you drop some oil into these holes, it will soak the felt pads on the inside, and that also lubricates the bottom insides of the distributor.
Replacing the rotor and more so new points are both easy jobs, a bit fiddly but I would replace the points first try it out then the rotor arm.
As regards the rotor arm get some sand paper and clean the end of any carbon build up. That will save money.