ocaisionally, you can get a cheap rotor that doesn't keep it's electrode (you'd be stalled by now) --- barring that, the bushings in your distributor are probably worn and dry --
The squeaking may have been the inital indications that your Dist bushings are really tired and need some attention (though I have seen very dusty dists make noise like they've consumed a little dust into the top bushing then stop squeaking without noticeable defect) - Typically, the squeaking'll only last a few hundred miles, then the bushings either wear themselves larger or tighten-up and go ultra sonic.. Check em - see if there's and axial play in the distributor's shaft - you may even wanna pull the shaft and ensure that everything's OK (you can press new bushings or just add a little 20W to what's left if you'd like).
Once those bushings get tight enough to start really heating up, they run a good chance of seizing...
Watching those seize is not a pleasant thing (right, CheapJeep2) if the mounting tab on your distributor shears then you'll rip the wires off of your plugs/cap and just need to get a distributor and some wires (new cap goes without saying and I'd recommend plugs too - a cracked plug can cause no ends of grief) -- if the tab doesn't break off, then you'll be looking for dist-gear parts in your oil pan providing that the cam's gear doesn't go first (the Distributor's gear is held with a roll pin that'll usually deform enough to stress the gear into shattering, but there's no guarantee, and since it's a FoMoCo design the availability of a bronze gear is questionable.)...
