I am assuming you are talking about the power wire to the distributor. It provides 12V to the coil for spark.
For the clunking, have you checked the u-joints? If they are ok, check the pinion yoke, and the transmission mount.
When you replace the timing gear, get the engine on TDC, pull the timing cover off and pull the gear, and put it back together. With the engine still at TDC, verify that the rotor is pointing to #1 (move if not) and adjust timing from there. Chris Lucas
www.73-87chevytrucks.com
www.captkaoscustoms.com
Project Su
Jimmy 2WD Project
You do have a lot of issues., As for the clunking noise, if the ujoints are fine (ie: no play when turning the driveshaft both ways quickly) and not your trans mounts, it is from play from somewhere. I would next check, as Chris said, pinion yoke. See if there is any play in the yoke gear and pinion gear. By playing around and thinking about it, you should be able to diagnose it.
SgtDel
aka "Andy"
www.delbridge.net
1979 Big 10 383 stroker
1991 Blu 'Burb 3/4 ton 4x4