Help Me Please....

Unlike points, a Dyna-S module requires battery++ voltage in order to function.

With ignition switched ON, the red wire furnishes battery++ voltage to both Dyna-S modules, whereby both Dyna-S modules receive continuous battery++ voltage.

When so powered by the red wire, the Dyna-S module is supposed to be then ready, willing and able to perform.
Absent power being furnished to the Dyna-S module via the red wire, the Dyna-S module won't function and therefore can't perform.

Perform what ??? -- Perform by successively allowing and disallowing current to pass through the Dyna-S module, which grounds and un-grounds the ignition coil's primary winding via the black (or green) wire from the ignition coil.

Huh ??? -- There's a small magnet embedded in the Dyna-S rotor that spins around and passes by the Dyna-S modules.

So ?? -- While the magnet is away from the module, the coil primary winding stays grounded via the black (or green) wire reaching ground through the Dyna-S module. (Provided the Dyna-S module is being properly powered by the red wire, and is otherwise functional.)

Then what?? -- As the magnet passes by the Dyna-S module (properly powered by the red wire feeding into the module), the black wire (or green wire) from ignition coil primary wiring becomes un-grounded as the Dyna-S module interrupts the connection to ground, whereby the ignition coil fires through its secondary loop (which includes the secondary winding, plug wires, two spark plugs, and the engine head).

Smoke ?? -- Smoke from the Dyna-S module would imo likely result from a short inside the module which is receiving battery positive voltage via the red wire whenever the ignition switch is ON, and regardless of whether the engine is running or not running.

I am uncertain whether any damage to the Dyna-S might result from a short in the black (or green) wire between the ignition coil primary terminal, or from a short within the coil primary winding. But I don't think so.

Perhaps excessive charging voltage could fry the Dyna-S module. But thinking such frying would be via the red wire feeding voltage into the module, and shorting inside the module, without regard to the rotor position.

Good Fortune!