Yeah if it's solid state it's Toast !
Replace it .
Smoke from under the capp indicate's that your runnin a Solid state ignition .
Typical of Electronic ignition's hooked up back ward's on the coil !
I came out of my house one mornin seen somebody had pulled all the wireing out on my motor on my Baja .
Was so madd some one had touched my car that in my haste I Hooked the wire's up back wards !
Poof black smoke !
Week later they did it again !
I did the very same thing , all over again ?
Go figure !