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Flip the distributor cap over and look for carbon tracking and cracks. Inspect the carbon button for wear and the center of the cap around the button for discoloration from heat stress. Remove and inspect the rotor for pinhole perforations....
Here's an idea: procure a ~1.25" thick-wall rubber hose about three feet long. Use the hose as a listening tube to try and locate the source of the noise. The 'tube' generally works better for automotive noises than a stethoscope or long screwdriver, because it is flexible and it suppresses extraneous noises that enter from the sides while "channeling" sound from the specific item you're investigating.