After reading the thread on explosions after fueling I found my starbaord engine had the same problem as Pfhlaw's.
I have not traced any wires for shorts, I suspect age/heat as the cause of failure but, I noticed this grease/ooze, fish egg like substance on top of the tranny. Upon closer inspection I realized the voltage regulator overheated and melted the sand/epoxy filler. Luckily the batteries are new and in top shape. We had just come back from a weekend trip and putting 70 gals of gas in the boat. Cant be too careful. I like to just sit in the engine room once a month and tug on stuff, look things over etc. That's the only way I would have found this before it was too late.
Going to replace both port and starboard and inspect the other components. If I had my way I'd scrap the entire ignition system and install brand new everything.

pic courtesy of Pfhlaw
1986, 32' Sedan, twin 360ci, 275hp Chrysler's w/ K&N flame arrestors