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Remember, the car has two spark plugs per coil, so you won't easily see spark by just disconnecting a wire, spark will go through the other plug.
The failure mode of crank sensor is often that it seems to slowly die, failing only when hot. The first clue would be thinking about how your car went from running to not.
In the car, if you have a helper to turn the key and crank the engine, you can monitor the output of the sensor at the DIS ignition module pin #4 with a meter. There should be 12v pulses on the PIP:
Also there, one can see if the ignition module is getting the SPOUT signal from the ECU, and if the coil fire pulses are being sent.
There is a second PIP signal sent by the CKP to the ECU, you'd have to backprobe the ECU connector or use a breakout box to monitor there.
First off, pull the codes and see if you have a 14 or a 211. Both would indicate a PIP circuit failure, indicating a bad CPS. Most likely cause is the water pump leaking on it, shorting it out. I've never known a CPS to 'slowly die'. the car stalls as soon as it gets wet:
Diagnostic flow charts are the easiest way to properly determine whats really happening. A breakout box and IIRC an evtm is the way to go, but the procedure was posted above.
The one huge factory Ford manual I got covers all 1992 fords and is filled with disgnostic flow charts. It makes it so simple anyone can do it.
You can also monitor the MIL while cranking. If the MIL turns off during cranking, it is "happy" and sees the signal from the crank sensor. It looks at other things as well, but that would be a clear indicator if it is working.