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20 years ago I owned an '84 E 150. I had the same problem and solved it the same way. No internet then, but a friend worked at a Ford dealership and he told me about those modules. I believe yours is similar to mine--what they call a Hall Effect module that mounts on the side of the distributer. The problem is the engine heat destroys the internal workings. That's why I always carried a spare and the tools to mount it. In 5 years I had to replace three of them. Once I was deep into the Kern Canyon (LLoyd Meadow by the Forks of the Kern--where the road ends 45 miles upstream from Kernville). I sure was glad I had that spare---my wife and three sons were probably more glad that me. Back then they cost about $40-50. Well worth the expense to carry an extra. By the way, since you have two tanks, you may want to check into a switching valve. I hear those are also problematic. I did get stranded once due to a faulty tank switching valve, but I was lucky a Ford dealership was near.
Geeeshh... Probably not a bad idea to pick up another one and keep it around... 3 in 5 years is a bit excessive. I had to buy their special little tool too! the wall thickness on the typical socket is thick to fit the hole... go figure, plus when I started taking it off the person who replaced it last left one of the bolts off... Why are people such jackwads? Oreily's doesn't carry any replacement bolts either so, hopefully it doesn't shorten the life. I was also pretty surprised at how tight the quarters were, I had to loosen the bolt for the distributer and rotate it waaaay out of time just to get to the bolt that wasn't there! Anyway, thanks for the update.
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.