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Could be. Want to see a blue/white spark at the plug that snaps loud in the air. Poor grounds and corroded connections are the rule with these old beasts unless you've made some serious efforts otherwise.
Usually an orange or red spark indicates a weak coil. You say it's a new coil. Check voltage at the coil. How are the plugs burning, normal? I think Tedster is correct. Check your grounds, Tie everything together Cab to ground, frame to ground, engine to ground.
Everything in those days took a kind of circuitous path in the wiring, today lots of relays keep the voltage close to where it needs to be.
GOOD grounding at the engine block, firewall, and frame is important. Then the block connectors at the firewall will be all corroded as well. Notice the path the wiring takes from the battery all the way to the ignition switch and then back out to the solenoid. New starter cables and ground straps really help, because at the exact moment the starter is sucking down 250 amps, there won't be any "left over" for the ignition if cables are loose, missing, corroded, etc. Ford didn't exactly go overboard on cable size either. Here's the last cable I replaced in my 64, the positive starter cable to solenoid. It got munched somewhere along the way. If your cables are original they will not be much better.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
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