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Gentlemen!
I am hoping this will help someone some day....
Well 1981 was a while ago we can all agree on that statement. So components you would not think about will wear out. I was having some trouble with the Bronco in the picture on my profile. A while back it was just cutting out randomly there was no pattern it just losing power. so one day while changing the windshield wiper motor I heard a funny noise. Like a clicking noise while the truck was off. Well after a couple minutes I located the problem. The coil conector's hook ups have separated from the plastic piece itself and it was arcing to the coil itself is what the noise was I heard. I replaced it a few days later with one from autozone, they had one with leads.
No problem since then.
Oh man i hate when that happens haha. Another announcement from your statement. When you buy a 78 from some shady looking guy for 2 grand, and you see wires with tape on them... Jut cut the taped part out and rewire it.. Especially if it is the 2 wires going to the coil -_- I no longer have that plastic thing for my coil, one day i was driving to work on the freeway any TGM cut out and died... I got it started and drove about 30 feet and it did it again so after calling my boss and telling him i wasn't going to come into work, then calling my parents and asking what the best towing company is. I got out and checked in the engine bay and noticed one coil wire had slipped off, after reconnecting it it ran just fine. I still stayed home from work