Yes, the distributor could be trash, there have been a fair number of psots lately about people having problems with their distributors.
Still seems a bit odd that it happens ONLY under load, and there is no other symptom of this problem (at least that has been mentioned) if it's ignition. But still not ruling that out...testing those components won't hurt, just a bit involved.
Would be odd that two brand new cats would go bad (even one would cause a problem) but with tapping the exhaust and measuring backpressure unless they are easily removed and inspected, they are a bit difficult to test.