Mine did the exact same thing, and I had to replace the distributor. Check the pickup coil, aka: stator coil. A new one is $20 at the auto parts store, ad a new steel gear dist is about $90.
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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