Ignition module leak?

While getting my 1991 Sunsport ready for the lake I noticed what appears to be some kind of cream colored, very thick, fluid leaking out of the Ignition module. Except for its creamy color, it looks and acts very much like almost cured fiberglass resin. It looks like maybe a 1/2 teaspoon has made its way down onto the bell housing.

After looking around on the internet I'm thinking it might be some kind of internal heat transfer substance? The boat starts and runs but its making me nervous. I can buy a new one for about $550.00! Yikes!

Anybody ever see this sort of thing?