350 trouble

I got a farmall 350 that ran great. Then I had to start jumping it to get it to run. Had power to the starter, but the push button didnt do anything. Then it just died. jumping it didnt do a thing. I tried to pull start it. It turns over but no fire. Before i go into to much I wanted to ask you all a question. I pulled the cap and rotor off and I got a bit of oil on the points. Is the seal out on the gov or am I over looking somthing?
 
I feel you have an issue with connections. The electrical system is not complex, but all connections should have bright shiny surfaces, all cables should be #0gauge (not 4gauge found on cars)
The starter relay (incorrectly called a solenoid) can also be at fault. Poor wiring and/or a bad relay are suspect. Is it 6v or 12v. Let us know.
Has it been changed to an alternator?
Carter and Grunwald dot Com have wiring diagrams for it (stock wiring, not alternator mods) we can help. Oil on the points is a problem, but cleaning them and setting to .020 on the cam lobe, should at least be an interim step to ignition. Does it charge the battery? We can help, Jim
 
Jim---is there a vent on these engines? Could be a plugged vent is putting pressure on the dist seal & forcing oil vapor past the seal??
 
If it's getting much oil in the distributor, the only source would be the rear seal on the hydraulic pump.
 

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