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I would suggest that you lower the coolant level before removing the nut to get the cable clamp off. Once you get the cable clamp off put the nut on straight away and torque it down. Remove the cable clamp from the armored cable and store it away and not use it anymore. It was there to help prevent a car from being easily hot wired and stolen. If you are worried about someone stealing it while it is parked somewhere just pop the distributor cap and put the rotor in your pocket.
In my opinion the odds of you having a leak are low if you are quick about the switch.
It will make working on the distributor much easier in the future.