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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
The problem is dizzy (TFI/Stator sensor), wiring or ECM related......remove the SPOUT connector, crank the engine and check for spark and repeat the light test at the (-) pin of the coil.
the red/grn and red/blu are the ones going to the control module, when you say dizzy are you referring to the wires off the stator or somewhere else on the distributor