No, thank you for the concern. The thought of water getting into the MSD was talked about when he mounted it there but JP has never had a problem with that location. It doesn't get that wet there. I was going to get the "Marine" one, but DAMN its like double the cost. I had this same unit in my car and use to power wash the engine all the time with no issues? I was thinking about putting some type of silicone or even some vasoline around where the wires are to reple the moisture.
The Marine one is sealed to protect it from causing spark and avoiding fire/explosion and is a must with a sealed engine compartment and some say a must on all marine use, Including most Coast Guards and water craft enforcement. I spent the extra cash just for the lack of hassle reason alone.
Some might say that's not a good place cause of the heat and vibration also along with the constant temp/humidity change might/could cause condensation to form inside the box causing problems.
When I saw it I thought it looked cool and thought about the down falls of putting it there because I need to mount mine soon and was wondering myself.
Hope others chime in because I don't know if I'm right or wrong.

Does look cool, Nice float, Welcome to the site.. Roy