Most people are of the opinion that you would be better off putting the money into your magic level. Typically you would be training your distance everyday with offline training but you get no buff to your mlvl unless you are actually hunting. Also, for the cost you can usually gain a mlvl for cheaper than 1 level of distance. Right now ,for my paladin, I could boost my magic level by 2 and it would still be cheaper than 1 distance level.
The way AoE hunting has taken over the game the boost of magic level gives you a lot of consistent damage with Divine Caldera and AoE runes. This will help with the life/mana leech on your imbuements with more damage and also give a boost to your healing for more survivability.