So when you manually add fuel to intake, i.e. spray ether(quick start) into intake, it does fire up then die?
There is fuel in the tank and you can hear fuel pump come on when key is turned on?
Ford fuel injectors get 12volts(battery voltage) when EEC Relay closes(key on).
EEC relay powers computer(EEC, PCM), fuel injectors, coil(s), Fuel Pump relay(not fuel pump).
So each fuel injector should show 12volts on BOTH wires with key on, if you ground your meter/light to block/engine
Fuel injectors are only about 14ohms so the 12volts passes easily, very little loss.
12v wire from EEC relay is usually Red and loops from injector to injector.
The Fuel injector wires back to the PCM are the ground wires and this is how the PCM controls the fuel injectors, it grounds them.
So there is no ground at the injectors until engine/distributor is turning.
On a 4cyl with "sequential" fuel injection there will be 4 different color wires going back to PCM.
"Batch" fire will only have 2 different color wires, PCM opens(grounds) 2 injectors at the same time.
Since PCM has several grounds and some are not "common" you could just have a bad ground at the PCM.
This is a pin out example for the EEC-IV, the one used until 1994/5:
http://www.auto-diagnostics.info/ford_eec_iv
Yes, pins 58/59 are the "batch" fire grounds, pin 60 could be the bad ground
Yes, pin 56 is the PIP signal which tells PCM when #1 cylinder is at TDC compression stroke, via distributor sensor(assume TFI system?)
A regular 12v test light will often do just what you described because it has the wrong resistance for the circuit, computer may be shutting down ground, Noid Lights are used for testing fuel injection "pulses", they match fuel injector resistance ranges and current draw, your 12 volt light could "look" like a short to the computer.
And the fact test light did flash at first means pulses are being sent, so engine should at least fire up and then die if pulses are stopped.