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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.
Where have you checked it for spark? Have a look inside the dizzy. Make sure it's turning while it's cranking. Next look at the integrity of the cap and rotor. If that looks good, the most likely cause will be the ignition module. However, there's always the coil and the distributor pick up as well.