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What do you use in the 2 slots to keep it air tight?
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Actually, keeping the cap air tight might not be such a good idea. Quite a few newer cars use vented caps. A couple of factors to consider.
In the high energy ignition systems, Pertronix may be in this category, the spark action has a tendency to ionize the air inside the cap, and this makes it easier to cross-fire. Venting removes the ionized air and prevents crossfire. The foam rubber deteriorates because of the ozone trapped inside the cap.
Also, moisture which is always present to some extent in the crankcase tends to migrate into the distributor cap & reduce the insulation capabilities of the cap. Venting lets the internal moisture out. The only time a sealed cap would help is if the distributor was being flooded with water from outside.
The whole problem is made worse by the relatively small diameter & thus reduced insulation clearances of the old British design caps. For the same reason, wide plug gaps often help increase crossfire problems.
D