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I had a bad pin on the 6-pin connector on my 82 E-350. It was the connector into the vacuum diaphragm. Soldered it, and it worked for a couple of years. It's broke again however, reason is unknown to me.
On my kid's 86 T-Bird, the plastic link part that connects the cruise to the throttle cable was broken. Pretty obvious problem, that was. Not too sure about cruise control on diesels. Might check vacuum hoses for leaks.
There is a small sensor in the speedo cable just under the brake master cylinder. It gives pulses to the cruise module up under the dashboard. My '83 sensor was open. You might need to get a copy of the cruise control schematic to really troubleshoot this bad boy.
The vacuum breaker switch on the brake pedal... they go bad, too.
As for my own cruise, according to the previous owner, it didnt work for about 14 years, and they had disconnected the vacuum module and layed it on top of the wheel-well. Its a wonder it never fell off.
Find a copy of the Ford factory shop manual "Body, Chassis, Electrical Volume". There are complete step-by-step troubleshooting instructions, pictures/diagrams, and repair procedures (over 25 pages). If its not something simple like vacuum hoses, switch contacts, etc. its very difficult to find/cure speed control problems without the manual. For example, mine had a bad potentiometer (variable resistor) internal to the servo that I would likely never have found without the manual.