Locate the diagnostic test port,shown in the diagram below.Turn the key on,connect one end of a jumper wire to a good ground then touch the other end to the fuel pump trigger terminal on the diagnostic port.The fuel pump should run.If it doesnt,check the inertia switch,in the hatch area,has it been tripped??Try to push the red button down.If the button doesnt move,it isnt tripped.Youll hear it click if it is tripped.If was tripped,turn the key on and try to trigger the fuel pump again.If it still doesnt run,youll need to do further testing.
I would begin testing some of the fusible links with a multimeter.They all run off of the starter solenoid.Test the solenoid side of each link to make sure it has 12 volts.Youll have to pierce the wire insulation with the meter lead or remove a tiny bit of insulation (( be sure to wrap electrical tape around each wire when youre done testing.Actually the best thing to use on something like that would be liquid tape.You just dip the brush in the liquid & cover the bare wire spot with it and once it dries it looks/feels just like tape.Autozone & other parts stores sell it,it comes in a small can in the rtv isle of the store)) If all of the links show 12 volts,test each one on the firewall side of the link.If any link shows 0 volts,on the firewall side,the link is burnt in two & needs replacement.Test every fusible link that feeds the eec relay,fuel pump relay & the ignition switch,by using the diagram in the link below.Youve most likely got one or more links burnt,due to the spike caused by the wire to chassis contact.The ignition switch provides ignition on power to pretty much everything(ignition,fuel pump,ecm)so if its link is blown,none of those systems will work.Make sure you test the links that feed the ignition switch first,since the switch supplies power to all of the other components.The ignition switch provides power to the eec relay and the relay powers ecm,injectors,solenoids,fuel pump relay,etc. so if the eec relay doesnt energize,due to a blown link or a bad relay,none of those components will work.
If you turn the key on,connect a meter to one of the injector red wire terminals & a good ground,the meter should read 12 volts.If not,the eec relay is suspect,a fusible link is blown or the ignition switch is suspect.If the injector wire has 12 volts,the fuel pump relay is the next thing to check.
Once you view the diagram below, finding the links & understanding the circuits will be much easier.All of the fusible links running off the starter relay are Hot At All Times,so in otherwords the key doesnt have to be on in order for them to be hot.The 20ga link,between the ignition switch & the clutch safety/neutral safety switch,is only hot when the key is on.Ive never looked for this link before,but the diagram shows it being somewhere between the ignition switch & the clutch safety switch.It might/might not be located somewhere on the steering column or it might be in the wiring under the dash.The safety switch is at the clutch pedal.
http://www.veryuseful.com/mustang/tech/engine/images/fuel-alt-links-ign-ac.gif