The distributor in front is definitely a better idea.
But the guy that engineered the mechanical fuel pump configuration and the non-isolated timing cover still deserves a good kick in the crotch.
Brent, this whole episode has certainly got me thinking in that direction. Might be easier to leave well enough alone, button up the front, install a cover plate on the fuel pump port and start plumbing a Holley Red (with regulator). More money overall, but might be less hassle in the long run. I just don't know right now....