So to answer my last question; people do frequently kill ignitions on these (foxbodies)
Doing a bit of research indicates that TFI module failures are pretty common on Fords:
When I brought the car home, I did notice the distributor and TFI module were very hot to the touch. Some research seems to support that complete loss of ignition and hot ignition issues are common to TFI module failure.
Given the probability and the fact that the distributor / TFI module I installed were used, I decided that I would start fresh; rebuilt stock distributor (new seem to be NLA) and a new motorcraft TFI module.
In doing my research I found that on some models (and for the 94-95 Mustangs) Ford remote mounted the TFI module on a heat sink.
I liked this option but there wasn’t a full plug and play OE solution. Many of the options required splicing into the harness and that’s not something I want to do.
Thankfully I found a really slick, novel, plug and play solution from the monster Miata world.
McCully racing makes a full plug and play TFI heat sink kit that uses a dummy TFI module mounted on the distributor to run connections to a remote, heat sink mounted TFI module you can install in a location of your choice.
I bought the kit and about 2 weeks later it delivered. Set out to installing and it was as straightforward as described.
Here's the kit unpacked
dummy TFI next to the rebuilt distributor
dummy TFI installed
New motorcraft TFI mounted on the heatsink with Arctic silver heat paste (included with kit)
Laying out for the heat sink mounting
With all mounted I fired it up, and reset timing. Ran out of time before getting a road test, but that will happen soon.
Post install clean up I noticed a coolant smell. A quick check found a small puddle that appears to be originating somewhere around the water pump.
More digging in will happen when time permits, but it sounds like there are several common areas to check.