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I know this truck will not start unless the computer reads oils pressure from the sending unit. It should be mounted at the back of the intake, you can unplug it to see if it starts. Let me know whats going on with this.
The check engine light should be on with the key on and engine off. When you try to start it the check engine light should go out indicating the computer is seeing a PIP signal from the distributor. You can try and unplug the timing connector (the one used to set timing) to see if it starts then. You need to check and see if the coil is getting a pulse, check this with a test light at the coil. No pulse, no fire. The ignition module is mounted with a heat sink attached to it.
If the check engine light goes out when cranking then the pcm is seeing a distributor signal. Is the coil getting a pulse when cranking? The ignition module is on the drivers side fender close to the hood hinges. Yours should be black or grey in color and should be mounted to a heat sink. Close to this module is a connector to set base timing with. You need to disconnect this to see if the engine starts, this will take the pcm out of the loop of the ignitio system. If it does start the the pcm is bad.
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There is the remote possibility that the ignition system is MCU in which the ignition might be a large gray/silver box with 2 connectors going to it. Like this.
Keep looking, I have used all the search engnes and no location index for the module. Follow the harness, have you looked inside the cab under the dash and in the kick panels?
Shop Foreman, Master Technician
Ford Master Certified in, Advanced Engine Performance, Advanced Electronics,