Update:
I had also purchased a new ignition switch awhile back (AC Delco) and decided to install it today. I was going over some wire diagrams for P30 chassis and noted the switch seems to serve as a path for the ECM and other items as well.
Finished replacing the ignition switch and noted that the orange wire was clearly not into the plug far enough took very little effort to remove the wire itself from the connector prior to even removing the connector from the switch. After haven removed the switch the switch itself does not show any signs of getting to hot on any connector/s. It was dated Dec 1993.
New one is now installed and wire spades were coated with some SuperLube dielectric grease. Made certain the wires were connected and seated well onto the spades. ECM was reset (battery cable removed during switch replacement). Grounds were clean and lightly coated with dielectric grease as well.
Will monitor for issue/s.