Kelly,
I was thinking about your distributor dilemma last night . . . I know, I know, I've got a life on back order but it won't be delivered 'till next week, so in the mean time . . .
I took a distributor apart and shot some pics of the internals to show you what is going on with yours.
There IS no seal or gasket inside the distributor, the tight tolerance between the lower shaft and the upper and lower brass sleeves are what prevents most of the case oil from working up the shaft.
http://img.photobucket.com/albums/v136/TeamEvil/insidedistributorbody.jpg
http://img.photobucket.com/albums/v136/TeamEvil/Oilhole.jpg
http://img.photobucket.com/albums/v136/TeamEvil/Distbodyandshaft.jpg
This fit is supposed to be SO tight, in fact, that a small groove and oil hole are machined into the distributor body to provide lubrication.
Any as the oil travels up the shaft (because of the rotation) it is continually pushed back down the shaft into the pocket provided between the upper and lover sleeves, by essentially a variation on the Archimedes Screw principle.
http://img.photobucket.com/albums/v136/TeamEvil/Screwclose-up.jpg
There are pockets cast into the bottom of the distributor housing with small drain holes to drain condensation/moisture, not oil, away from the advance mechanism. This mechanism is kept lubricated by adding a drop or two of oil to the felt pad at the very top of the shaft, under the rotor.
http://img.photobucket.com/albums/v136/TeamEvil/insidedistributorbody.jpg
The drive cog, at the very bottom of the shaft has a spacer between it and the bottom of the distributor body to keep the assembly somewhat tightly together. The small spring at the bottom of the distributor hole/on top of the distributor drive gear in the case pushes upwards on the whole thing, further sealing the shaft against leaks.
If excess crankcase pressure was your problem, you would have oil coming out of the dip stick opening and, most likely, the pushrod tube seals and valve cover gaskets as well as the distributor. There's also a good chance that there would be a leak behind the crank pulley which also uses an Archimedes screw-like machining to force the oil back into the case. If you have a little extra oil in the case, it shouldn't be a problem, a LOT might be. Lowering the volume to below factory specs shouldn't be necessary.
If adjusting the oil level is the ONLY solution, you REALLY ought to get a mini-sump/tuna can to keep a sufficient amount of oil surrounding the pick-up tube.
http://www2.cip1.com/ProductDetails.asp?ProductCode=C12%2D3051%2D10
BUT, nothing should really be necessary if the distributor was a good one. Pressure can be relieved, oil level ought not to be an issue. But you ought to try to locate an early Bosch German-Made 009 in as good a condition as you can find, or a low mileage SVAD if your carb(s) have a vacuum port and replace the after-market one that you have. The new 009's aren't worth a dime, the ones with the "BOSCH" but without the "Germany" casting on the bottom would be a second choice. Your first choice, the one that you want, is a distributor made by Bosch in Germany. They're trouble free!
Anyway, hope that some of this helps out a bit, I had a little spare time and no life as yet, so . . .