I finally had some time to get back to it& it seems like it's the distributor drive after all.
I had the box on the bench and every time I tightened down the nosecone, it would start to bind. I'd loosen the bolts and it would turn fine. Weird.
I finally took out the speedo drive unit and reassembled everything, tightened up the nose cone nice and snug-- smooth as silk. I put the drive back in and took it out half a dozen times, same result every time. The drive itself spins freely.
I think it *may* be the new nosecone holding the drive in an ever so slightly different position combined with a worn gear on the drive, and maybe also because I don't have the drive teeth meshing with the same teeth on the gear box shaft as before. Add up all 3 and I'm getting that weird binding.
New speedo drive is probably going to be aftermarket, I assume? Tempted to fab up a block off plate.
Speedo works/worked fine and everything was normal in that department before I took it apart. Two steps forward...