The 86-95 5.0 Mustang uses a distributer with a TFI module mounted on the distributer or remotely mounted.The pip sensor does the same job on the Foxbodys that a crank sensor does on other cars.If you're having an ignition problem,that's the part you need to be trouble shooting. The pip sensor is mounted inside the distributer, underneath the armature assembly, which is the metal part with teeth you see when you remove the distributer cap.Its also the part that the rotor button sits on top of.The TFI module pins plug into the pip sensor,so if you were to remove the distributer from the engine & flip it upside down,you'll see part of it where the TFI module is plugged into it.The distributer has to be removed from the engine & the distributer gear has to be removed so you can completely pull the shaft out of the distributer to access the pip sensor(stator hall sensor)Heres a testing link you can use if you suspect the TFI module or pip sensor are at fault.
SBFTech.com TFI Module/Hall Sensor Testing Procedure
SBFTech.com TFI Module/Hall Sensor Testing Procedure
