The oil leak near the distributor is likely a leaky intake manifold end seal, Fords are notorious for leaks in this area. Basically the fix is to pull the intake and using new manifold gaskets install the manifold and use RTV (silicone sealant) instead of the end seals, some guys use the end seals and coat them in RTV...both methods work well.
Considering the age of your vehicle it is very likely your distributor is worn out, the gear where it interfaces with the camshaft and the shaft bushings don't last forever. You can spend a lot of time trying to get your existing setup to work and if the distrib is worn you will have nothing but grief.
When you shine your timing light on the timing marks you can tell if the distrib is worn if the marks jump around while reving the motor, if the cam chain has never been replaced it is a good bet its shot too which causes the same issue...the factory Ford plastic timing gear falls apart and then nothing works right no matter how much adjusting you do.
If it has never been done I would suggest replacing the timing gear set and the distributor at the same time, lots of guys throw in a modern profile mild cam at the same time...a popular one is an Edelbrock manifold kit with a new carb.
Not sure how much money you have to spend at this point but a distrib and cam gear set is a good investment, spending extra to replace the cam and carb at the same time is nice but not absolutely required...besides if the motor has a lot of miles adding a new cam without doing the valves and rings can cause oil burning with the increased compression.
You didn't list any add-ons to the motor so I am assuming the engine is stock, if it is stock the carb is likely worn out at the throttle shaft bushings hence why most guys freshen the entire motor with the Edelbrock kits which include the timing gear set, cam and 4bbl manifold...all you need is a carb to go with the kit.
Of course there are ton of other details that can cause problems like you describe like the vacuum modulator on the trans sending oil up into the motor when it fails or the little hose that connects to the modulator cracking and leaking causing a vacuum leak. Doing a general tuneup with plugs and cap/rotor is great but ignoring all the old worn rubber vacuum parts and associated engine components can be a waste of time...especially if this motor is original.
How about listing the items that have been repaired already and posting a picture of your engine compartment would be a great help to us in getting you going on the right track...most of us have been there at some point.
Outlawed tunes from outlawed pipes