Burnt wires in and around the ECM means there's a short somewhere....or maybe the alternators voltage regulator isn't working right.
The thunderbolt ignition system works great once you have it set up right.
The modules can go bad, too. I've had to replace mine and I got a couple extras with different advance curves. Depending on the model, Some advance can't be set at the '3000 RPM' mark. The advance curve is built in and can't be adjusted.
You'll have to review the specs on different modules. It's been a while since I did. The model number is on the lower corner. There's a number which indicates the total amount of advance built into the module. say it has a 24. Set the modules advance of 24* plus 6* to get a total advance of 30* at 3000 RPM. This will give you an initial (idle) advance of the 6*
Total advance is set at 3000 RPM
A total advance of 28* is for 87 octane
Total advance of 30* is for 89 octane
Total advance of 32* is for 91 octane
These numbers are for naturally aspirated engines with 9:1 compression or less.
This site may give you a little more info in the TB ign system though they have some timing number off.
http://www.marineengine.com/boat-forum/showthread.php?416610-Thunderbolt-IV-replacement