Yes, that's a definite possibility. If you check the battery terminal voltage while the noise is happening, you will probably find that it's very high- - -15 volts or more. Solid-state electronic devices such as your ignition module really don't like voltage surges. Does your charging system have the old style alternator with the external regulator, or is it the 10-SI model with the regulator built into the alternator? If it's the early model, the points in the voltage regulator could be sticking, causing the alternator to go into full output without any regulation.
Jerry
