Distributor rebuild

I was having some trouble getting consistent dwell readings and discovered my distributor bushings to be worn out.
While waiting for parts I decided to disassemble it. After removing the roll pin for the spacer, I discovered 2 holes in the shaft.
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Does this look right? Has someone else been here and drilled another hole? The pin was in the lower hole. The bushings are SHOT. I am replacing the bushings and going to install a Pertronix ignition.
Author: stain