Yup it ended up being the corrected cap. I'm doing a little research on them to see if I should bother getting a replacement or forget about it. They do look a lot better IMHO.

I'm still having an issue with timing though. I'm only getting about 8" of mechanical advance. Therefore to put my total timing in the range of 34-36, I'm turning the distributor until my base timing is around 27! I didn't feel comfortable with my base timing at 27 so I set my base timing to 16 (advance timing at 24), locked down the distributor, connected the vacuum, and took it for a drive. It seems to drive fine but I know those numbers aren't great. The springs I'm using are the stock springs which say I should get about 21" but I'm clearly not. Chalk it up to a crappy Accel distributor again? I didn't pull plugs but I'm sure I'm running rich.