shogun,
It’s the PIP module in your distributor. That stands for Profile Ignition Pickup module. It’s also called a Hall Effect sensor, because that’s the name of the solid state device that makes the PIP work. And, the Ford parts books call it the distributor Stator, because it’s the part that doesn’t move.
The problem with Hall Effect sensors is that they are extremely temperature sensitive. Once they start failing, it gets worse over time, and it’s really not safe to have your car die on you in the middle of traffic! After just a couple of weeks mine was crapping out at least 3 or 4 times a day. Really not safe!
The part only costs about $50.00 at the Ford dealer. The bummer is that the distributor has to be removed from the car to install the thing! The sensor portion slips over the center shaft of the distributor from the bottom, so the drive gear has to be removed from the bottom of the distributor to install it.
Replace your PIP module, and you’re good to go!