We rebuilt the distributor today. Slightly used GM ignition coil, new pickup / reluctor coil, new pickup coil clip, new magnet and bracket, O-ring, and of course cap and rotor. We also went with a heat-sink kit that I bought off eBay for $39 bucks, after I heard Patrick talking about something like this. Comes with a billet aluminum heat sink that's meant for a 3.8 distributor, but of course the distributor base is basically the same as they both use an HEI-8 ignition control module, so it fits perfectly.
The kit came with thermal paste for both the underside of the heat sink, and the underside of the ICM.

Worth mentioning, in order to get it to work, I was required to sand down (or remove) little tabs that stick down under the distributor housing. This is where the two screws go through the ignition control module and into the housing. The screw holes have additional meat (a tab underneath) that allows for more threads. I didn't like the idea of filing these down, so instead, we took a drill it that was the same size as the tab, and drilled into the underside of the heat sink instead, so that it would fit. It was minimal, but just enough so it would fit totally flush. The kit comes with extra-long screws that allow it to go through the ignition coil, and then screw into the heat sink.
Anyway, where I drilled into the heat sink, I expected it to be super hot, but the funny thing is the entire heat sink immediately became warm, with no single part of it being any warmer than the rest. Obviously, this is what a heat sink is supposed to do, but was impressed with how quickly and efficiently it worked.
This is what comes in the kit:

... note, it also came with a ground cable that attaches to the top of the ignition control module using the screw that tightens it down, and then you drill a hole in the distributor body and screw it in that way as well.
[This message has been edited by 82-T/A [At Work] (edited 06-30-2024).]