I've been chasing this intermittent issue for a year. It started with the ignition cutting out and back in while going down the road. Hit and miss. And then seem fine for miles and then start back in. Gradually getting worse and more frequent over time.
First, I thought it was loose connections, dirty connections. So I cleaned and tightened everything. But the problems persisted.
Then I got into the wiring deeper and found a bunch of spliced/crimped connectors, so I cut those out, soldered and heat-shrink covered all the splices. But the problems persisted.
Coil was brand new practically, and when I was getting spark, it was always good strong spark. For pity's sake the truck just passed CA smog in the past couple of months, how could it be that bad?
Ran a jumper directly to the coil from a known source of reliable 12v power and the issues still persisted. Usually, it would start and run fine until the engine warmed up. Over time, the length of time it ran before problems started decreased, and the number of times it happened, increased. Finally it stranded me at a local park about a mile from home with my dog. After 2.5 hours it cooled down and would start again.
Well, the day of reckoning has finally arrived and I am facing the unwanted realization that it is the distributor/electronic ignition that is the problem. Didn't want to go there because that's potentially a whole new can of worms.
So I pulled the distributor and in checking things out, I came across this thread. Yup, my dizzy is a prestolite and has the grey hocky puck/donut. It is squishy (apparently blistered internally) so I'm guessing that means it has gone bad. This is exactly as michael mayben describes above and it is the only accurate description of my problem that I have found online - tip o' the hat to mr. Mayben!
So seeing as how oem parts are thin on the ground and likely to develop the same issue over time, I ordered the new pertronix unit. Unfortunately, I discovered that the vacuum advance is bad also, and it will be 2-3 weeks to get a replacement for that.
While waiting on the advance, I'm putting the time to good use by doing a bit of tidy-up on the old unit. Phase one is to take it apart. Following the manual, that's a fairly straightforward proposition with one exception. If you have not taken a distributor apart before (I haven't) when you go to disassemble the top end to get to the centrifugal advance weights to remove them for cleaning and lubrication the manual says "remove trigger wheel assembly retainer from distributor shaft using hooked extractor tool". Well, I'm not sure if the IH garage had a part 100345-IH which was something they called a "hooked extractor tool" or what - but that description didn't tell me much - even the pic in the manual is highly ambiguous. Does that retainer unscrew, and the tool is to unscrew it? Does it latch on, and you have to flip a latch of some kind? I was pretty underwhelmed with the description, and of course looking down inside a 38 year old chunk of pipe and trying to identify what you are seeing, when it's all the same color (rust) is a tall order. Especially unnerving when you know that if you guess wrong and screw it up, you're looking at a new distributor - ka-ching.
So I took a gamble and thankfully I made a lucky guess.
So for anyone facing a similar situation let me see if I can help clarify for you.
The top of the distributor shaft is like a knob... There's a groove cut into it around the shaft, and the end of the shaft is beveled. The "retainer" is a 3-pronged clip that snaps over the end of the shaft, with the ends of the prongs snapping into the groove. You need something very horizontally short, but not bendable, to go down inside the pipe, hook onto that clip, and pull it off the end of the shaft. Once you have the tool, you're golden, it's a piece of cake. But where to get the tool?
I went to harbor freight and for a couple of bucks picked up an assortment of picks. There was a 90 degree bend one. I had to put it on the grinding wheel to shorten it and narrow the tip. There are probably other ways of devising such an implement but this was the route I took and it worked. I'm not sure baling wire or coat hanger would work, you might try it, but those seem awfully bendy and my clip was on pretty tight. Don't lose the clip! As I said, mine was on tight so I had fingers covering the end of the tube as I pulled... When it gave way at last, everything was contained in the pipe. If you lose that clip, good bloody luck ever finding something to replace it.
Here is a photo of the clip and the "tool" I made to get it out.
Here are some pics of the distributor and the various stages of disassembly. I'm waiting on the vacuum so I am taking my time getting it cleaned up and all back together. I will follow up with the assembly after it's all done.
But this is the source of the trouble, right here... This is the solid-state electronic signal amplifier. For the prestolite distributor, the electronics are all contained internally inside the distributor.
That is a circuit board that has been dipped in a grey epoxy for proofing from the elements. I suppose it did alright in that regard, having gotten it by the past 38 years. It's not supposed to have any "squish" in it, but you can definitely squeeze it and feel the blistering inside. Yup, it's shot. This entire mass gets replaced by this single item below, courtesy of pertronics:
Neat. Sweet. Petite.