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I have been using the same wrench for 20+years. They can be found at any local auto parts store as well. Be sure to plug the hole with a clean towel after pulling the distributor.
I used one of those for years until my neighbor broke it. It worked fine but was probably chinese made. You should be able to find them almost anywhere.
Anyone out there have any other suggestions? Also are there any "gotchas" to be aware of when I pull it out of the engine?
sears/craftman has them.
The first thing I do before removing the dist. is disconnect wiring at cap and remove, then bring cylinder 1 up (verifing position of 1 to the cap, and w/t. mark to cover, provided the car was already running) by putting a socket on the crank bolt a spinning it by hand. This will make the re-instal easier, and close enough to fire the car. If you like you can mark the dist. position to the inatake , however, re-setting base timing after re-assembly is easy enough and should be done either way.
There is a connecter on the back side that you may not be able to disconnect until the dist is out (not usually reachable w/dist. in ). It will have a "white tab" running through it to keep the connector joined. First time through it will seem awkward to work with, and little room to disconnect it.
I just want to weigh in because I think it's cool to talk about distributor wrenches...
My wrench looks like the Autozone one--it's worked on many many many cars, including an '89 Vette, but it's only lasted 27 years so you get what you pay for.