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I have a 66 ford F150 on 72 3/4 frame with 460 from 72 Lincoln.
I was trying to adjust the timing(off by 4 degrees) but the distrobutor will
not turn. The hold down is completely loose but it will not budge.
I had this problem on a 1977 351W. I just left it where it was until I transplanted the engine. The transplantee came with a spare distributor (but no motor), so at that point I pounded up up it with a hammer, and it came out, but broke.
So, obviously you will have to be careful if you don't have a spare distributor.
You can try penetrating oil, but it didn't work for me. Perhaps put it on every day for a couple weeks?
You may try getting the engine up to temp and try the oil where it slides in the block . Ive had the same problem with a 351w i took and turn the engine over just a litle at a time some times it will slide right out you can try
different positions . I have sliped a hamer handle at an angle under it the end resting on the intake and pry very lighty. Works for me
your "o" rings are hard and siezed might even have some deposits arround housing just be careful it could break. if you get it up enough you could pry carefully on the lip of the housing.