Timing refers to the ignition timing. That is when the spark comes realative to where the piston is. Its measured in degrees of crank shaft rotation.
On the 5.0s you adjust the timing by rotating the distributor cap. The 4.6s don't have distributers. The timing is controlled entirely by the computer. The computer determines the location of the crank shaft via a position sensor.
The timing adjusters allows you to rotate the crank position sensor around the crank, so you can advance or retard the ignition timing.
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