dynamator

[Tony Press]

I would suggest that the greying of the grease is down to aluminium, most likely from the thrust face between gear and body, provided this is not wearing too quickly there won't be a problem. Obviously the original body's were steel so wear would have been negligible, just keep an eye on end float in the shaft.

Looks like graphite grease.
 
I thought the distributor in question was an original Lucas with steel shaft housing, but having re read the post I see the grease problem is with the Accuspark distributor. 

Never having seen one I didn't realise the new Accuspark distributor has an all aluminium body and shaft housing?

Tony.