Use a test light and check to see if there is battery voltage present at the "Pos" (+) or positive side of the ignition coil when the key is in the "Run" position if no battery voltage is present at the ignition coil when the key is in the "Run" position then there is a power supply or wiring problem to the ignition coil, and if there is battery voltage at the "Pos" side of the ignition coil, then with the test light on the "Neg" (-) or negative side of the ignition coil crank the engine over. The test light should flash or pulse indicating that there is a dwell signal to the ignition coil, and if there is battery voltage to the "Pos" side of the ignition coil and there is a dwell signal to the "Neg" side of the ignition coil, and there is still no spark from the ignition coil, then the ignition coil is faulty. If there is battery voltage to the "Pos" side of the ignition coil, and there is no dwell signal to the "Neg" side of the ignition coil, then the Ignition module, or the pick-up coil/stator would be the most likely cause of the problem.
Check to see if that ignition system actually used an ignition module on the side of the distributor, and if the distributor does have an ignition module mounted on the side of it, then it is most likely faulty and those modules were prone to failure from excessive engine heat. Also, remove the distributor cap and inspect the connector from the pick-up coil/stator where the ignition module connects to it, and if the connector is dark or burnt looking then also replace the pick-up coil/stator or the entire distributor. You might need a Ford ignition module wrench to remove the ignition module from the side of the distributor and most auto part stores will have one for only a few dollars.
Here are some images to assist you and notice the white connector on the ignition pick-up coil/stator and when that connector turns dark or burnt looking then it is faulty