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The SPOUT connector is located in the wiring harness about 6-8" from the TFI/ICM on the driver's inner fender between the hood spring and the power distribution box. Note: older models with the TFI/ICM mounted on the distributor casting still have the SPOUT about 6-8" away but look for it in the area of the distributor instead of the inner fender.
To set base timing, warm the truck to normal op temp then shut it off. Disconnect the SPOUT and connect your timing light. Start the truck and set timing as you would with any other engine. The under-hood decal is going to suggest 8-10* BTDC. Start there. (I run about 11-12* myself). Shut it off. Lock the distributor back down. Reconnect the SPOUT and remove the timing light. This applies to all EEC-IV equipped Bronco models. Timing marks are on the timing cover and harmonic balancer and face the top of the engine. Timing light can be shot down between the power steering pump and the idler pulley to read them.
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