shavings cant be good!
Better investigate!
As far as the distributer, it is exactly that! It distributes the spark. It wont affect ignition timing, HOWEVER! The injector timing is ran off of the bottom of the distributer (the lil gray plastic plate under the cap) and if it aint right, your injector timming aint right, then the computer reads it not being right, and dont run worht crap! (Injector sequence can be adjusted with a diagnostic computer)
I get my mirror out, and mark where the distibuter was (on the back of the block) then, put it back in perfectly when I am done!
I would pull the motor, casue you have shavings from the pan to the filter, and possibly farther!
(plus, if the bushing for the dist drive is shot, it wont run worth a poop either)