another entry yesterday in the new URl here, but it did not Xfer here;
I agree- it has all the symtoms of a TFI Module/Hall Effect gone bad;
also ck the SPOUT Connector for looseness..never know what happens when vibrating!
On big Broncos, the Spout/TFI wring frays right in front of the distributor/or near the radiator support
Here a VG Diagnostics site:Ford EEC-IV, and TFI Diagnostics Manual
http://www.broncoii.org/Tech%20Pages/eeciv/index.htm
see their TFI Module Diagnostics Manual