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A '96 F150 does have a crank sensor.. it's an OBD2 thing. It is right on the timing cover on or under the timing pointer and the crank balancer has a tone ring on the back side.
The 1996 F150 5.0L OBD-2 does not have a Crankshaft Position (CKP) sensor.
For the Ignition system it uses a CaM Position sensor, CMP (hall effect PIP) inside the distributor.
There is a sensor mounted by crankshaft but it is a Misfire Detection (MD) sensor and is not used for the the ignition system. It is used only for Misfire Detection.
The MD sensor is a magnetic transducer mounted on the engine block adjacent to a 4 tooth trigger wheel located on the crankshaft. The four teeth are spaced 90 degrees apart. By monitoring the trigger wheel, the MD sensor indicates crankshaft position and speed information to the PCM. The PCM determines if a misfire has occurred by measuring rapid decelerations between teeth.