I am John Mc, a Ford dealer technician.
I hope I can help solve your problem quickly and accurately.
A few questions to start, please verify and don't go on memory as these are important.
1. With the key on and engine off does the check engine light come on?
2. If so does the light turn off when cranking?
3. Do you have a red theft warning light flashing rapidly?
4. Do you have a test light?
Everything checked just like you said.There is power to the red wire with the key turned on with the test light gound lead to the - side of the battery,Then I clipped the light to the positive side of the batteryand plugged the light to the other side while cranking and the test light started flashing while cranking
Ok, so far so good. Do the same thing with the coil connector. One wire should have power with the key on and engine off and the other three should have a pulse. If this is also ok then the next step will be to disconnect the fuel pump shut off switch and see if one of the wires has power for a couple of seconds when you turn the key from off to on. It should also have power constantly when cranking.
Let me know what you find and we'll move on.
Ok, you also said you had good fuel pressure, what do you consider good? If it is at least 30 psi then you have fuel, fire and fuel injector pulse. The only thing that is left is engine compression. If you run a compression check and it is low then you probably just have a bad timing belt and you will need to replace it. If you need instructions on this let me know and I'll be glad to post the procedure for you.
I hope this answer has been helpful to you! If you have any further questions please feel free to ask.
Feedback is very important to me so please leave accurate feedback for others to see my job performance.
You are going to need to get a fuel pressure guage to be sure. These are around $20 at your local autozone or advance store. Once you check it if you have at least 30 psi then all that is left is the timing belt. On the popping and backfiring sometimes they don't do anything. We have done a process of elimination here we checked for fuel pulse, ignition pulse and now we are down to basic engine. You need three things for an engine to start. Fire, fuel and air. We have fire and fuel (if you have good pressure) so all that is left is air. This is where the timing belt comes in. This is pretty common on these trucks anyway.