Terry:
The pin just needs to be replaced, no special action need be taken. It is only intended to prevent installing the cap 180 degrees out, nothing more. Any small interferance beween the pin and cap is negligable. If you are concerned take a small knife and scrape the plastic to allow for clearance otherwise replace the pin, secure with 242 locktite, and FAGETABOUTIT.
As mentioned it is a lat model FORD cap that uses a plastic cap adapter on a std diameter Ford distributor. Your distributor body is larger diameter and the pin is an inexpensive means of clocking the cap. In OEM fashion the cap adapter has a rectangular tang on the side of the cap adapter for the same purpose. No need to go through the effort you have mentioned.
Procomp Electronics | Motorsport - IGNITIONS & ELECTRICAL :: Distributors :: 10000 Series