What engine do you have in the '87 Ranger?
Ford computers run the fuel pump(s) for 2 seconds when key is turned on, every time key is turned on.
Do you hear the fuel pump running when key is turned on?
Fuel pumps are not quiet, they are easy to hear.
If not then Fuel Pump fusible link may be damaged, it will be connected on the Battery Post on the starter relay(fender), there are a few fusible links there.
Fuel pump power runs to Fuel Pump relay, computer controls this relay
When the relay closes the fuel pump power then runs to inertia switch in passenger footwell, inertia switch will "pop open" in an accident, it has a reset button on the top.
From inertia switch power runs to a splice by High Pressure pump in frame rail, and then to in tank fuel pump.
There is a Schrader valve(looks like a tire's air valve) on the fuel rail, '87 should have 35-40psi of fuel pressure, if you press on the center pin(like letting air out of a tire) fuel should spray out a long way.
On the fuel rail there is also the Fuel Pressure Regulator(FPR), it will have a fuel line(return line) and a vacuum hose attached.
With engine off, remove return line.
Turn on the key, fuel pumps should start and NO gas should come out of FPR, if gas comes out replace FPR
If you manually add gas to intake or use Starting Fluid, engine should fire up and stay running for a second or two, so you may have spark timing issue as well.
It is possible to install a distributor backwards, 180degs off.
Crank has 2 TDCs, top dead centers, #1 TDC compression stroke, #1 TDC exhaust stroke.
Distributor rotor needs to be pointed at #1 spark plug wire when crank is at #1 TDC compression stroke.
Pull out #1 spark plug
Rotate crank manually, it will be hard to turn thru the other 5 cylinder compression strokes, when you get to #1 it will get easier to turn but put finger in #1 spark plug hole and you will feel air being forced out, that's the compression stroke, continue to rotate crank until TDC mark is lined up at 0deg on marker.
Pop distributor cap and rotor should be pointed at #1, if not pull out distributor and make it line up to #1.
Yes, TFI system is very old now and pretty much all have failed at some point and need repair.