Well took the old distributor with the broken red wire and took the top circlip off then used two screwdrivers on opposite ends to pry the circular wheel off the rusty shaft after letting the shaft and wheel sit for a day with Marvel Mystery Oil on it. Bent the wheel a little of course getting it off then broke the bottom circlip and took the plastic cover off to get at the wire. Soldered the wire together and heatshrunk it then painted a part of the black wire that got nicked with JB weld to reinsulate it. Made sure wires were positinoed so they wouldn't get nicked again by the wheel. Got a couple of new circlips that worked at hardware store, put the wheel on a flat piece of steel and tapped it with flat hammer seemed to be pretty straight after that. Reassembled first the bottom circlip then hammered the wheel onto the shaft using 14mm deep socket and hammer making sure that the keyway was lined up, then hammered the teeny little key in after the wheel was on, then tested to see that the wheel was rotating correctly then put the top circlip on. Installed in the car, marks line up as they should now, started right up. Only problem is that it is still knocking, timing is pretty spot on, I'm thinking maybe this knocking is separate problem. What are the chances that I dropped something small into the intake when I was changing the intake manifold gasket causing a knock? Will research problem on BB and probably this is a problem for a mechanic,thanks for the help.