Is there a way to determine what my 300 is?

Clean & lube the distributor governor while you're in there.

Check the radiator tag, can't remember if dated on 300.
 

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This is an Auto-lite distributor from a 300 like I was referring to. They also came with a Prestolite which I believe had a similar oiler. Your's must have been broken and replaced with the plug. Since you will have the cap off to oil the shaft in the top, remove the plug and squirt some in the hole while working the shaft back and forth. The shaft has bronze bushings it turns on. The top part of the shaft turns with the timing advance inside the lower part and this is what wears along with the bronze bushings. The result is erratic running of the motor as the spark and timing change on their own. You might consider putting a bottle of STP in the oil, it sounds like you need all the help you can with your bearings. The cut cables are par for the course on abused tractors, as long as you have oil and amp gages working your good, the heat would only be of concern if you were working it hard, and then you will see excess blow by coming from the breather on the valve cover.
I tried sae 40 and stp. It wasnt happy. have not tried 20 w50 and stp lol
 
absolutly no place to oil the distributer. The oil i put in the shaft on top did not go down.
 

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Factory would have had a felt feeder plug in the hole and every so many hours you were to put a squirt on/in it. The side oiler had felt as well as the screw out oilers for the tach and speedometer.
 
absolutly no place to oil the distributer. The oil i put in the shaft on top did not go down.
The distributor, tach & speedometer have vapor oilers. Clean the distributor oiler up, it may have a knurled texture on the cover for grip to pull the cover open striaght out. There should be some felt in there as Tgrasher wrote. The felt may be dried up and shrunk, oil it frequently it may retain its original shape or replace it. I have had to take the felt out and spray cleaner in there to clear the hole into the bearing, otherwise you need to pull the distributor and clean it right. Vapor oilers are mounted near the bottom of the shaft to oil properly and over a longer period. the spinning shaft creates a slight low pressure area (vacuum) in the oiler to draw oil laden air into the bearing so a small quantity of oil provides adequate lubrication over an extended period.
 

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ok I figured out the lower oiler on the distributer. Its spring loaded. You pull it back and there is a hole to put oil in. doesnt seem to hold much oil at all. should I park it on a slope to get more oil in?

I put oil in under the rotor but it did not go down after 24 hrs should i just leave it and put the rotor and cap back on?
 
As Joe (Wa) related the side oiler lubricant is drawed in by the spinning of the distributer shaft. The top will work its way down with the spin of the shaft also. It only takes three or four drops in the top. If you think you have too much in the hole take some out so it doesn't get slung out.
 

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