Was working on my truck yesterday (1986 F250 w/ EFI 302 and 4-speed manual) had my wife try to start it (I had just adjusted the timing and wanted to make sure that it hadn't moved while I was tightening up the distributor) and it attempted to start then the solenoid popped. Smoke came out of the solenoid, and now I have no lights in the dash and no power when I turn the key.(fuel pump doesn't cycle, no dash lights cycling on, nothing)

Could all this be caused by a bad solenoid? Or do I have other issues?

 

I suspect you popped one (or more) or the fusible links attached to the fender relay.
Since the battery cable and all the power going to the cab use one lug of the relay as a junction, failure of the relay itself is not the problem.