I don't blame you DayzedandkonfuzedI'm out.
I'm breaking my rule of minimum 25 posts for noobs here, but when I read post #8 and I see fried stuff in your future if someone doesn't give you some more information to help you make decisions.
But first, you need to ground that coil properly and that's by using that ground strap. And are you using the heatsink grease stuff on the proper parts where needed, like module and coil? That's a special grease, don't just use anything.
Did you get the right coil polarity? i.e. for Olds V8 you got the Red/white wire one, correct? You should have coil GM p/n 1985474 or equivalent. (ACDelco # D531) or equivalent. These parts are from the parts book callouts for your car, so some numbers may have been updated. But it's always a good place to start.
The module is a 6 prong module? Last I checked, Olds V8 CCC cars used 7 prong ones. 5 on one side, 2 on the other. GM p/n 1976908 (ACDelco # D1956) or equivalent.
If you have to replace the pickup coil, make sure you get the correct one for the Olds (. Don't let the typical doofus kid at the parts store that don't know squat about HEI (all you parts counter guys out there, no offense, but you know the ones I mean) get you the wrong part. Olds normally uses a black connector on the pickup coil, which is called a pole piece. That connector color is an easy way to tell. Auto parts guys may not know the differences and give you a CHEVY only part because the majority of Cutlass cars in Canada had Chevy V8s. So the listing may say it fits your car but it may not.
PLEASE read this below. Some of it isn't applicable, especially the vacuum can and weights, and the fact it's mainly talking about Chevy, but there is some good, basic stuff in there about HEIs and good tips on dos and don'ts, as well as differences in the Olds/Pontiac/Chevy wiring. And a section of the NO SPARK BLUES. There's a way to test major components without having a bunch of whamodyne special tools. If you're REALLY interested in testing things, you'll need to get a few things mentioned in the article below. Pickup coil should be GM p/n 1977207 (ACDelco # D1945) or equivalent. Autozone sells the Duralast part number DR110 for your application. I'm assuming you have a U.S. version car.
OK, now I'm out. Good luck with that.