Update: Changed the oil, only had a tiny amount of black metal on the magnet from the gear. Put the new gear on and had it sit the same as the way the gear came on the distributor. Dropped it back in no issues, and there was no rotational play when I tried to move the rotor (there was 1/2 inch or more before). Car fired right up, timing was almost dead on, got it warmed up, and sounds great. The only thing is it just snowed here (New Jersey) so I can't take it out on the road tonight to check WOT. Soon as I'm able to do that I'll report back here! Thank you for all the advice on this - I'll let you know how it goes.