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I'm new to the OBD-1 as well, this site and that code reader I linked to you have been invaluable.
My guess is the ICM is probably fried - but again, disconnect the ECM and see if the spark returns. If so, it's your ECM. If not, could be your ICM. Last thing to check, which ended up being my distributor itself. I loosened the screws on the cap and noticed that the dist wasn't rotating - the gear had come loose on the distributor shaft. That said, there is also a sensor in the distributor that tells the ignition system to spark, so that could have fried too.
Hopefully Subford will respond - he's the board Ford electrics guru and I'm certain he could add something more than I am able to!
Rezvani's Latest Post-Apocalyptic 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.