also only the passenger side coils get spark while cranking, in case that helps...
there are only 3 components to the ignition system other than the plugs and wires:
-coil packs
-ignition module
-crank sensor
other than that the main important things are power and ground, so like said above, check all fuses and check the tech library for a wiring diagram (there's one in the turbo swap area I know for a fact) and use it to see which pins are power and ground on the ignition module, if the components are checking out it's most likely a wiring issue somehow. Like said above, swap the two coil packs to eliminate them because like I said, if the passenger side coil pack is bad it won't get spark, if you swap them you most likely eliminate them.
Also pull codes on the thing, it's very easy and covered in the tech library, if I wasn't so tired I'd get links, but I've been gone since Wednesday and just got back so I'm beat...
I have that ignition system on a '86 thunderbird engine that came with a distributor and am only using the passenger side coil pack, if it's not working at all there's most likely something simple going on. And for the record, if the crank sensor is good it would have spark no matter if the timing belt was broken or not as the crank sensor goes off the crank not the cam... and even if it did have a cam sensor (some started in '94 for cali trucks) it wouldn't screw with the spark, cam sensors are for sequential fuel injection to fire more appropriately instead of doing two injectors at a time like everything without a cam sensor does...