About pulling the distributor: If you pull the distributor, you disrupt the cam/distributor timing, and it takes an experinced mechanic to put it back (To Templar: nothing personal!). I really, really, really suggest that you don't do this unless you have been through the learning curve. :)
Distributor/timing shaft gears are "curved" (helical), and it will turn while you remove it, and even if you don't touch it after it is removed, the odds of getting it back in place exactly as it was are slim. Big can of worms; don't go there!
I'm sure Templar would, and I would, but you might want to consider not doing that.
Hey Templar, go easy here! Pulling an engine? C'mon, guy! Not everybody has your outstanding tallents and experience! :)
Ya gotta admit, the timing belt is likely broken!
Though, that would be a great way to go on a hellish, learning curve ride!