I am pretty sure that felt wick under the rotor is only to supply a bit of oil to the mechanical advance mechanism, where it rotates around the smaller center post of the distributor shaft. I can not see any way for any oil added to the felt wick to find its way to the distributor shaft bushings. On many older Ford (including FEs) distributors, they had a little oil tube with a spring loaded cap where you would occasionaly pump a couple of drops of oil into, i am guessing to lube the dist shaft bushings. Ford also used to have similar oil caps on generators. I am guessing Ford did away with these oil caps as they deemed them unneeded, as I don`t think they were used after the early 60s. I can say that I have never seen a distributor shaft burned up or seized due to lack of lubrication, so maybe it does not need much oil there. Kinda like windshield wiper pivots, they always seem to work with no periodic lubrication.