Overheating key light timer

i have a 70 Dart Swinger. It’s hard to tell what’s been modified but it has the wiring and timer for a key light even though there is no light in the column. I recently did a lot of work behind the dash. When I first started loosening the dash wiring harness I noticed the key light timer was just laying loose behind the dash and it was very hot. It seems to always be hot unless the ignition is off and the car sits for a while. Sometimes it’s too hot to touch.

Should it be this hot?
If not, What can cause it to be this hot?
How can I fix it so it doesn’t cause damage or fire?
I looked online for a new timer and it was marked at $120!!!