A NEW timing issue

UPDATE. I put in another distributor (same model number) but this one is completely locked out (no mechanical or vacuum advance). Set it to 36deg idle, and starting at 1500rpm the timing drops, and around 3000rpm it settles around 25 degrees.

There seems to be a tiny bit of oil by the timing cover (flexing? couldn't tell when looking at it with a flashlight while running at rpm) I took it for a drive and it drove fine, but this is pretty annoying!
 

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