Distributor Lubrication? & is my stock alternator enough for HEI?

A PROPERLY working alternator will work just fine

You don't need no12 wire, 14 is fine

Be sure and ground the HEI, both for power and heat

The only place your dist. needs to be lubed is the felt in the top "hat" of the advance mechanism.

IF you have it apart for some reason, IE replacing the bushings, I always lubed it really good in the shaft / bushing area with light grease.