Has anyone heard of a problem with the module inside a HEI distributor?

Here is what happens on our 1973 chevy truck:

When its cold, or raining the car doesn't start (cranks though)
Today it cranked but again didn't start, so we checked and there was no spark to the plugs.

What we did after that was put a used module in the distributor, and it started right up, now I don't know if it was coincidence or not, but do you think that the module can go bad and cause intermettinent problems like that?

Never heard of it, not that that means anything. Check the cap for corrosion, where the plug wires go in and inside. Seen that on a chevy hei cause it to run terrible when damp. It did start though so not exactly what you're saying.