Oh, one thing I forgot to mention- the Y and 9 307 distributor did NOT use gear shims at the bottom of the distributor. It won't hurt if you do, but there's no need for it. Some Olds-bodied applications did if it had a Chevy engine or if a V6. Since an Olds V8 wants to pull down on the distributor shaft during operation, unlike the Chevy V8 or V6, a shim between housing and gear isn't necessary. Now, if you have a problem with say, and aftermarket distributor gear hitting the inside of the block, they make housing to block shims to have the distributor sit a bit higher in the hole to get your clearance back. It's USUALLY never necessary using OEM junk. But aftermarket? I couldn't tell you.
Easiest way to tell if you have clearance is if you're building an engine, install the distributor in it's location first, before installing the cam, and tighten it down. If you can spin the rotor without resistance, you're good to go. If it's dragging or not moving, you must investigate. If you need to move the housing up a hair, you can get housing shims. Just throwing this out there.