Mike - 74 Nova Baltimore, MD
Yes... that is a possible spot for an oil leak. There should be a round gasket between the bottom of the distributor base and the intake manifold. Sometime this gasket may not seat correctly when the distributor is installed... or it could be missing.Could there be a leak coming out of the intake where the distributor is? It's hard to tell in the pic but it looks juicy.
If the distributor wires were not in the way, we might be able to see this gasket in your photo.
Before going any further, I would recommend that you clean up all of the external oil on the engine with some spray can brake cleaner and reread post #293. Just because you see some external oil in a particular spot does not mean that is where the oil is leaking from. The leaking oil will move as your driving the car.
If the leak is coming from the base of the distributor, let us know and we can help you with the next steps.