I would look at reaming the ID big enough to press in a bushing, then turn the shaft to fit the bushing bore. That would be easier than trying to build it up.
It is critical to get the cam to run true in order for the points gap to be correct. An electronic conversion is more forgiving of a less than perfect distributor.
As for the vacuum advance, it is not needed, just something else to try to find, and chances are the diaphragm will be dried out and not last if you did find one. I would find a way to securely lock the breaker plate and be sure the rotor is timed to fire when it is aligned with the cap terminals. The breaker plate must also be grounded, be it with a ground wire or a mechanical attachment.
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Today's Featured Article - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
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