I don't know how long module will last without grease but I would suspect it would be months rather than hours. How long have you run it like this?
If your alternator is putting out the standard 14-15 volts, that will not cook module or coil. You need to get a cheap multimeter and confirm what voltage you are getting at the main distributor feed.
Also disconnect the module connector inside the dist. that comes from the pickup coil under the centrifugal weights. Measure the resistance of this coil. I think it should be about 800 ohms. With ohmeter connected, wiggle the two wires to look for changes in resistance as they can break inside the insulation from the constant cycling of the vacuum advance.
Another possibilty is the main power connecter coming loose as the retaining clips are usually broken off.
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