82 SN Ignition coil is melting my skin

OK,So I have been through, what feels like, every forum on the planet looking for advice on this issue. I have found some helpful advice but none of the conventional wisdom seems to be doing my problem justice. It is a 1982 Ski Nautique, 351 W engine. Like so many other people we crank her right up and take off for a thrilling hour before we hear the engine start to miss. A couple minutes later engine dies and we look like idiots stranded in the middle of the river. We wait for about 20 minutes then fire her back up for about 20-30 minutes until it happens again. Wash, rinse, repeat until we make it back to the ramp. We know that the coil is not supposed to sear your skin when you touch it so We are thinking this is a wiring issue but have had zero luck finding any helpful diagrams. If you can help I will be much obliged. If you have pictures that would be a huge plus as I am more a visual learner.
Thanks,
Ross

The coil is a Mallory 29216, pretty sure it is a mallory points ignition, don't have the part number on me. ballast resistor is in place and to our knowledge wired correctly.

thanks for the welcome,
As for the distributor, we are old school points style

I appreciate the advice Gary, I should have mentioned in my first post that we did in fact mount it vertically for a wet test today, still had the same results.

I wonder if the damage has already been done. I have been running a oil filled one for awhile,but just changed it over last night with a new epoxy one and a new resistor.The old resistor was all cracked and I was worried about the old coil.

The MSD coils instructions I bought told you what resistor to use