Ford Ignition Module—The ignition module regulates the spark timing to the spark plugs. Without the module there would be no spark at the spark plugs. On these old style Ford modules the back side was insulated by a silicone material that would melt when the module overheated. The location of these modules is usually on the fender well under the hood. It was not uncommon to see a trail of melted silicone running down the fender well.
If you see this silicone material melted away, it is a good idea to replace the module. Since the module is adversely affected by heat, you can sometimes revive an overheated ignition module by pouring a cold glass of water on it.