I recently took off the HT leads from my distributor cap - and noticed that one of the five ends of the distributor was covered in a chalky deposit and was badly corroded/melted (one that goes to No.3 cylinder).
The HT lead in question appears to be fine (Magnecor), with no corrosion - as is the spark plug. I remember this happening about 15k miles ago, which is when I decided to replace the distributor cap last time.
Any bright ideas what this could be?