Are you sure the valve cover is not leaking right next to the distributor?
Another possible cause for the leak could be your PVC valve. If its not working correctly, pressure could be building up inside the valve cover and pushing the oil out past the o-ring or valve cover.
If it is the distributor o-ring, I would try another one since they are inexpensive, maybe from a different supplier.
As you discovered the loss of oil is probably minimal, but it can cause other problem like the hose damage. A covering over the hose may extend its life, but its not fixing the basic problem (oil leak).
Another possible cause for the leak could be your PVC valve. If its not working correctly, pressure could be building up inside the valve cover and pushing the oil out past the o-ring or valve cover.
If it is the distributor o-ring, I would try another one since they are inexpensive, maybe from a different supplier.
As you discovered the loss of oil is probably minimal, but it can cause other problem like the hose damage. A covering over the hose may extend its life, but its not fixing the basic problem (oil leak).