I agree wiith Rusty about coils, I fried a bis coil I had used for years with a new electronic ingnition.
What you have pictured is what I have on mine now or similar. It should have three wires/contacts.
Live earth and the feed to the coil. If the earth is not visible then surely the earth is through the mounting bracket.
The centre rotating bit should have a magnet in it, when this passes the module it fires a signal to the coil.
If yours has no earth I'd think you are looking in the right direction.
I must check and see if I have the original instruction booklet for the 123 ignition and the card for the other one I have which is similar to yours.
I prefer the type you have pictured as it has no fancy programming and uses the original advance and retard set-up.
The thing I struggle with now is I like the 123 concept and don't want to give-up on it and hope to get it sorted out through the dealer.
I am experimenting with one with vacuum advance however this is on hold as with most of my projects as Gilly wants an extension to the house

I'd try coil as first stop