Balancer looks ok. What I have seen is that it comes apart, and the toothed part, which is the tone ring for the crank sensor, doesn't turn. It's not a super common occurance.
I have two more test for you to try.
1) Using a test light, check the ground of the injectors while cranking. I'll give you instructions for building a tester at the end of this post.
2) Check the plugs to see if they are wet after cranking.
Injector pulse tester:
Go to the junk yard and find a 95-2001 Explorer, F-150, Ranger, Crown Vic, pretty much any Ford with cruise control, but it HAS to have cruise control.
Get under the hood and look around the brake master cylinder, you are looking for one of these:
Grab that guy and one if the plate light sockets anything that holds a 194 bulb, and a few inches of wire. If you can't find any of those harnesses at the junk yard they go for about $25 at the dealership, just tell them you want a cruise recall harness.
Cut the smaller male plug off the harness and splice it to the light bulb socket, and put a good bulb in it. You can also make a 3-way splice with the female end so that you can have the bulb and the injector plugged in at the same time.
It will plug into about 90% of Ford's injector plugs for the last 20 years.
Once you have that built you can plug into an injector plug and see if the injector is being pulsed. If it is the bulb will glow dimly during cranking and at idle and get brighter as the engine is revved.