Milky oil advice

[Malone34]

Finally got to work on my 72 yesterday she's been in the garage neglected for a year but trying to get it going. A little backstory I bought it and po had it sitting for about 6-7 years. Said it ran when it was parked but we've all probably heard that before. I pulled the valve covers and points distributor to put in a hei and noticed the oil on the distributor was milky. Checked the oil on the dipstick and looked normal. Was going to drain oil and pull the the oil pan off. Does anyone have any suggestions before I go any further. Still learning so take it easy on me. Forgot to mention it's a 327 from a 65 Vette per the numbers