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Need help troubleshooting starting issue

Unfortunately my Pantera recently failed to start. It normally took a few tries to get running from a cold start but on the first try it started to turn over and then stopped. Thereafter all that happens is a single click. After testing the battery and getting a replacement I'm still getting the same result.
After confirming the wire to the starter and the solenoid seem intact I noticed that a "Motorcraft Solid State Electronic Ignition" which is mounted below the coil and alternator regulator appeared to be leaking. After taking it off the electrical board appears to be coated in the grey sticky material that was coming down from it.

I'm a novice on Pantera electrical setup and this part doesn't show up in any diagrams I have found. Anybody know how big of a problem this is and whether it is related to my starter issue (or should I just proceed with replacing the solenoid).

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