With nothing coming from the coil, it doesn't sound like anything related to the distributor. However, I wonder if the aluminum upper intake is a good conductive ground for testing purposes? I prefer to use some type of unpainted body contact point. Just a thought. Double check the connection to the coil via the electrical plug to see if it looks OK (nothing loose or burnt). I was going to suggest that it could be a problem with the ignition key, but you said that the fuel pump is priming and the car is cranking over. Still, it might not be a bad idea to use a circuit tester to see if you have power running to the coil.
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Bill Jr.
To everyone out there, wherever you are. Remember, the light at the end of the tunnel may be the police chasing you down in their own Mustang!
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