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I have 96 F-150 EB Edition 5.0 154000 miles and It had sat for about 2 years and after driving it around i started to hear a grinding sound and automatically knew that it was coming from the distributor. i touch it from the side and it was grinding. I replaced the cap and rotor and still the same grinding as before. I took it to a mechanic and said to spray the crap out of the inside with WD-40 so it would lube the shaft. I was amazed that it stopped grinding and went away. but then there is a ticking sound coming from the general vicinity of the distributor but to the touch there is no coinciding feeling to the ticking. if that is not enough description on the sound my wife compared it to a baby rattler that had 1 bead in it to make noise.
I would pull the distributor out & have a good look at it , bearings & cam gear . It could be time to replace it ?? Yeah change the fluids & filters & tune it up , take it for a good ride , may just have a sticking lifter from sitting....Lew
mark the placing of the distributor on the distributor and the block. then pull the distributor out. check the gear on the distributor for chipping or wearing or metal shards.