Possible Hall Effect sensor problem?

[Rich12345]

My 1995 GT either stalls while I'm driving or just refuses to start sometimes. I can be driving it for a few days without a problem then get in, turn the key and it cranks but doesn't start. I have noticed that if the Check Engine light goes out after I start cranking the engine, it will start. If this light stays on, the car doesn't start. The engine sounds like its about to turn over but doesn't catch. This happens regardless of any changes in the weather. The car has 112k miles on it. The Ignition Control Module (TFI) has been tested multiple times and has passed every time. A while ago the PCM had a 211 fault code in it (PIP circuit fault), which leads me to believe that it is more than likely an ignition problem (p.s. Will an Ignition Coil failure cause a trouble code to be stored?). Anyone have any suggestions? Could this possibly be a problem with the Hall Effect device in the distributor (pickup coil)? Thanks in advance...
--Rich--