Tom,
It looks like a resistor to me. Has your Willys been converted to 12v? Don't quote me, but if your coil is 6v, this could be reducing the voltage from a 12v battery to the 6v coil.
A resistor will get very hot. Especially one that size. A light bulb is a resistor of sorts. Think about how much heat they put off.
Again, above is just a guess Tom. Give us some more symptoms. Does the battery still turn the starter? Do other electrical items still turn on when you turn the ignition? Is the fuel pump delivering fuel to the carb?
Tim