For a Holley non-governor distributor (aluminum body) the dust cover can be retained if a portion is cut away. But I won't do that as it results in an irreplaceable part that is ruined. If feel that the primary reason for the cover is to reduce moisture condensation and keep it away from the breaker points, with an electronic trigger conversion that's just not needed.
All distributors must be vented in some manner, some have a small hole drilled in the cap under a bail which acts as a water baffle. Others have a hole in the bottom of the body. Stuff gets inside no matter what, thus a distributor needs to be periodically maintained , no matter which trigger is present. Otherwise the advance system sticks/seizes and becomes inop. I do distributors every week now that don't need to be rebuilt, they just need to be disassembled completely and cleaned/lubed. Makes an amazing difference in engine performance when the advance systems operates as designed!
I see the dust cap for the 1510 distributors in the service references, I've just never seen any in actual service. The one 1510 w/governor, no tach) I saw about three months ago that was a virgin under the hood (in a loadstar) was still onna points diet but had no dust cover.
The reman Holley distributors from a-1 cardone (available from any parts house, rockauto, and napa) will have a vacuum advance can, but no dust cap.