Taking a step back - an electronic ingition setup (in ford speak EDIS) requires three things: the electronic distributor module, the ECU to control timing, a VR crank position sensor and matching trigger wheel (to tell the ECU where you are in the crank).
The good news is that all of that stuff is available from a 99-01 Ford Explorer 5.0. The downside is that you will likely need to do a bit of rewiring to accomodate the explorer ECU in your tbird (compare wiring diagrams before plugging the ECU in).
I'm not sure what your goals are but it's a bunch of work just to get EDIS working on your car. Setting ignition timing with a distributor is a piece of cake compared to converting over to EDIS and for very limited return on investment (of time).
NOTE: it seems like binary editor may allwo for an EDIS conversion using your existing tbird 5.0 ECU. If I understand things correctly though, EDIS is valuable for high RPM applications and Windsor 302s aren't exactly good for that. What's the point?
Last edited by S4gunn; 04-17-2017 at 09:55 AM.