Randy,
I special ordered a new Mallory "Rev Pol" distributor-think that was the name of it for my 51 Plymouth in 1969. I wanted a optional 3 lobe cam for higher RPM-just what I needed or so I thought. I used to be able to get to 5000RPM in 1st gear=30 MPH. Anyway the 3 lobe cam gave smoother transition for points to open and close with out point bounce like what you mentioned. Distributor shaft speed is normal-1/2 speed of the crankshaft.
This is a picture of it today still in the same car. Still works good, and I see that I need to clean it up a bit-little oily. Like me I don't rev it to 5000 RPM anymore either!
Bob