I just picked up a genuine honda distriubtor from my local scrap yard for $100 with a 3 month warranty.. Before installed it, do you think I should install my brand new ICM and coil that I just got today because I returned the other ones under warranty? Or install it as is?

I'd install your new ICM and coil, along with your almost new rotor and distributor cap.

Ok, ill report back tomorrow when everything is installed, thank you.

OK. Just make sure the CEL comes on and goes off normally.

I removed the distributor completely last night.. With it removed will the CEL still come on in II position?

Not sure (likely stay on). With the distributor installed, the CEL should come on for 2 seconds and then go out, when the ignition switch is turned to Position II. If it doesn't, the problem may be with the ECM and not the distributor. That's why I'm harping about it. If the CEL stays on, and there are no codes, the odds are that the ECM is toast.

Anything to report?

I picked up the used genuine honda distributor yesterday, brought it home, opened it up and was amazed at the difference between the inside of this one and my old one... Everything looked brand new and clean, shiny, and no rust.. I removed the coil and ICM and put the brand new ones in.. Reinstalled, set the timing and drove 60 miles this morning with no troubles..

Time will tell.

I don't think you will have any more trouble. Good job!