Just for clarity, the distributor does not drive the oil pump gear, the cam does and turns the distributor at the same time. The distributor helps keep the gear where it needs to be so even if the distributor shaft was worn it has nothing to do with your oil pressure assuming you had pressure when you primed it using a drill.
Not to be a dick but if this guy is a "top notch engine builder" then why is any of this a mystery? Any engine builder who has been at it more than a little while has had to deal with problems but knows how to correct or circumvent them (if needed). If you said the engine wasn't running right and he said the shaft was bad, well that might be in the ball park but again, has nothing to do with oil pressure.