I don't even know what year car you have, but I'll take a stab at it.
Your EGR valve may be stuck open. I'd pull that off and clean it thoroughly.
Your IAC may be stuck close. Will it start if you hold the accelerator down?
What's your oil level at? If it got too low, oil could blow by the piston and foul the air charge temperature sensor ( 87-93 Mustang ).
Is your full tank of gas, good gas? It's possible you could have gotten a bad batch.
Hopfully it's not one of the trickier components of the distributor. I know you checked for spark at the coil, but do you have it at the plugs?
You may want to check fuel pressure. The pump may be pumping but you're not getting any fuel. Could be a clogged fuel filter.
You better not have an alarm system that you forgot to mention.
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351W 89 Mustang GT Convertible