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It is a 1989 F-700 with the 429. It cranks fine but won't start. It started out by just dyeing randomly. It didn't sputter or anything, it was like you turned the key off. I know that there is power going to the coil, the coil is good, and so is the cable from the coil to distributor. The distributor is where I get stuck. It has compression, but it won't even stutter with starter fluid.
Sounds a lot like a bad condenser... seen that on older fords a few times. Except that it most certainly is electronic ignition by that year.
But, I've had the same symptoms on subaru's of that era with a bad pickup module in the distributor, so you might want to check that (not sure how to check other than just replacing it though) Sometimes runs fine... and sometimes just no spark at all.