Yes, but the crank sensor is connected to the EDIS-6 spark module, which is working since 50/50 test gets engine to start.
The EDIS-6 module sends this crank sensor pulse(PIP) to the engine computer(PCM), and PCM then opens fuel injectors based on this Timing pulse from the EDIS-6 module
Simple test to see if PCM is getting PIP signal is the CEL(check engine light) and/or Tachometer
When you crank the engine CEL should go off(assume CEL was on with key on, lol), than means PCM is seeing PIP
Tach should also go up a bit, 200rpm, when cranking but thats from EDIS-6 but shows it is outputting a PIP
I assume you are using a 1994 or earlier 4.0l PCM?
I would unplug connector on EDIS-6 module and 60-pin connector on PCM and inspect for corrosion or any pin/connector damage
Then plug both back in and try to start, unplugging and plugging back in connectors often cleans off the pins so they can reconnect, especially if they have been sitting awhile
If you don't have a CEL but do have a 12v test light then you can make one pretty easily in the engine bay
1994 and earlier use OBD1 and will have a test port on the PCMs wiring harness in engine bay
Looks like this:
https://www.therangerstation.com/tech_library/OBD_I.shtml
Self test OUT is the CEL, well the ground for the CEL bulb
So hook 12v test light to Battery Positive and to Self test OUT slot(do not hook up jumper as shown in drawing)
Turn on the key, test light should come on
If not then PCM is not powering up, no 12v with key on
If test light lights up, then crank engine, if test light goes off PCM is getting PIP signal, if it stays on then its NOT getting the PIP signal from EDIS-6