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Update - after working on it for 13 hours, and walking back and forth to autozone numerous times... I finally found a solution. I called my friend who works with electronics, and we pulled back to passenger side carpet and removed the whole distributor. Then we went to home depot and borrowed some hammers and went to town on the bolt ... If you hammer it from behind it will slide out. The entire thing was rusted. I put some channel locks on the washers behind the nut that was stripped and the entire thing just dissolved. I can't imagine that stuff was good for conduction ...
So we bought a 5/16th 3in bolt, about 15 washers, few lock washers and 2 nuts. We replaced the bolt and refilled it with new washers and re installed it. So far everything is good to go, car started up perfectly.
I'll update with pictures tonight.
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