Hi, sounds a bit unusual- it might pay to check that it is the correct coil- over the years I have found a few 500's that have been fitted with 6V (ballast) coils without the ballast which can cause overheating problems.
I suggest replacing the coil with a 12V non ballast type and you should be fine. There is a heatshield mounted above the exhaust and around the distributor which may have some effect if it is missing- it is held on with two bolts and runs between the two exhaust pipes.
Usually vapour lock is more of a problem on 500's in the Australian climate- when hot starting put your foot to the floor on the accelerator and crank the engine until it starts.
Hope this helps- happy christmas!