This became an issue in the 70's after higher combustion temparatures were introduced to lower emissions..
GM used idle stop solenoids on carbs to set the idle speed,and allow the throttle butterflies to close fully when you turned off the ignition,and that would cut off any air supply,so hot spots in the combustion chamber were less likely to ignite any leftover fuel coming in the cylinders..
I doubt your distributor gets power after turning the key off,otherwise you'd eventually drain the battery down after sitting awhile,and it would not try to shut off at all most likely...
As for the advance weights,I think retarted timing increases the chances of dieseling more than advanced,I could be wrong,but retarted timing can cause things like exhaust valves,spark plug electrodes,and exhaust manifolds to get red hot..-also you'd notice hard cranking during hot starts,if the weights were stuck in the advanced position..it would probably ping under a load too..
The simplest "cure" is to leave the truck in drive when you shut it off,and decrease the idle speed as much as possible,without it stalling in drive helps a lot too...or if its a manual trans,let the clutch out in high gear after turning off the key..