Mine did exactly the same thing. It was the pickup coil in the distributor. I didn't have a press to get the gear off the shaft, so I bought a new dist and now it runs fine. I don't know of any way to test the pickup coil, but they are only $20.
Caymon
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'90 GT Under construction
Best E.T. = Fast @ High Speeds - OK So I Lie. So What!!!  
04 F-150 STX 4.2L 5 spd
Rice Haters Club Member #128
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