Hi Neil
"they flail about and wear a groove in the dizzy cap"
Are you sure? How can they get through the rotor arm which is firmly fixed by two screws to the dizzy?
I am not sure that the ignition can be overadvanced by loose weights when the car is running normally on the road. At standard engine speed the influence of the weights on advance is lost, right?
Of course, if the weights are badly worn, I agree this is not good for engine performance. I might also suggest that the distributor could be worn with a large degree of axial play (up and down): this should be within specs (see manual), otherwise ignition firing is erratic. The cure isd to fit shims of the correct thickness.
Regards, Andrea