Here's some ideas. I may not even be close, but maybe I'll be lucky.
I assume that the engine is turning over, it is just not running?
By timing is dead on, did you check both camshaft and ignition timing? That is, with the camshaft mark aligned, is the crankshaft at TDC and the rotor in the distributor pointing at or close to the number one plug wire?
The connector to the TFI is connected, and there aren't any wires that are shorted?
Is there power getting to the coil?
My TFI/PIP just went bad and didn't throw any codes. I don't understand it, but replacing them fixed the problem. That is an expensive one to fix, so you want to eliminate everything else before throwing those parts at it.
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Mike Walsted - NATO member
1986 5-speed TurboCoupe and
1985 5-speed XR7