Thunder bolt IV iginition!

[tswanson]

I have this problem! I ran my 88-92 7.4 Bravo II until it was hot, as the thermostat was bad. The bellows were smoking and since repairing the thermostat the engine will crank but no spark. I have 12V to the coil and to the ICM plug but no spark. New battery, cap, rotor, and plugs. I am thinking the ICM fried. The plastic were the plug goes's in cracked. Smells a little burnt. The mental mounting plate had some of the paint burn off. The cost of the ICM is anywhere from 300-380 dollars. Could I just drop a GM HEI Dist. and thus by-pass the Thunderbolt system? This is getting really frustrating as I just bought the boat. It ran prior to it getting hot. It got hot twice as the impeller was bad in the frist place. The marinia said they fixed it. I guess I should have checked the thermostat my self. Please help. Thanks Tim