You said water is running like crazy. Maybe circulating too fast? The cheapest fix I could think of is thermostat? I'm not a mechanic, I just work on stuff. I had a similar issue on a 312 I had in hs.
Should be fine. Imo.With the engine overheating and the module frying I am guessing that it is likely that a spark spug or two no longer work the way they should?
Timing off, bad valve seats, etc.