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can I just block off the vacuum advance nipple by putting a nipple plug on it?

sure can and I'd suggest opening the dist up & drilling 2 small vertical holes in the 2 plates and locking them together w a thin bolt/nuts. & as said removing the can & blocking the opening w a thin plate will seal it and make a much cleaner look

live every 24 hour block of time like it's your last day on earth