What I'm having a hard time understanding is this: If your just doing a water pump and timing belt job why are you messing around with the distibuter? Assuming the engine was running correctly before the job there's no reason to mess with it unless you took it out. Maybe I'm missing something or you had the distriuter out for another reason..For timing belt replacement you need to worry about both cam sprockets and the crankshaft sprocket like Frank was saying. You may be over complicating things worring about the dizzy..

99 Gen 2.5, fixing blown head gasket
89 SWB- 33's, ARB Front locker, SR rear locker/axle, SR F brakes, winch, WST Offroad Armor all Around, 2.85 Aussie T-case Gears (SOLD)
Sold: (2) 95 SR's, 86 SWB, 90LWB, 91 LWB
-Can Change a timing belt in my sleep..