When you get red dust in the distributor, it's generally from the bearing rusting and/or losing it's lubrication and tearing itself into little microscopic bits. If you leave the bearing in service, it will slowly get worse, building more and more friction, generating more and more heat until it seizes and causes the timing belt to jump teeth or the heat kills one of the distributor sensors.
The bearing can be replaced (I've done it once), but it's no simple feat. Start by removing everything that the Helm's manual shows you how to remove.
The screws holding the base distributor assembly together are tamper-resistant Torx head screws with some kind of hefty thread locker on them. If you try to simply remove the screws, the heads snap off. If you heat the distributor housing up enough, it will soften the thread locker and you can remove the screws. The key is to soften the thread lock without overheating and weakening the magnets in the distributor sensors.
When you get the plate/bearing/shaft/armatures assembly out (you'll have to remove one of the sensors from the plate), you can then take out the screws in the bearing retainer on the back of the plate... More thread locker on those no doubt.
As soon as you work the bearing out of the plate, you'll realize that the top most sensor armature prevents you from removing the plate. You'll need a gear puller to carefully remove it from the shaft. It's held in place purely by the friction of a little spring pin between the armature and shaft. With the armature and plate out of the way, use the gear puller again to remove the bearing itself from the shaft.
Call around to your area auto-parts stores and see if any of them still sell bearings by size. Nobody will have the part number, measurements or anything that mentions the existence of a Honda distributor bearing, so you'll have to take yours with you when you walk (your car's dead, remember?) the ~30 miles to the one store that still sells bearings. Remember to take food, water and a tent since it's probably a couple days hike.
Once you have your replacement bearing, be careful to press it back on the shaft by applying pressure to only the inner race. The dust covers will bend if you push on them, allowing grit into the bearing and greatly shortening it's life. Oh, you did put that bearing retainer back on the shaft in the right direction before pressing the bearing on, didn't you? Slip the plate back on the shaft and push the new bearing into it. Screw the retainer back into the plate and press the sensor armature back on. Now is probably a good time to replace the
oil seal at the very bottom of the distributor since it fell apart when you pulled out the distributor shaft. If it wasn't leaking before, it probably will now. Slip the plate/bearing/shaft/armatures assembly back into the distributor, screw the plate down and reattach the sensor pickup. The pickup has some adjustment range - just look down at the other sensors and mimic the air gap.
You're done. Put back all the stuff that the Helm's manual told you to take off.