There is a complete troubleshooting procedure for Thunderbolt ignition systems (which you have).
First thing to check is the shift interuptor switch on the shift bracket. There should be a two wire terminal strip. Remove the White with green ( there should be two wires on that terminal. One to switch other to distributor wiring. do not allow the wire going to distributor to touch any ground.
This elimates switch from circut.
Not retest for spark. if no spark still, read below.
At the back/side of distributor, there should be 3 wires coming out of the distributor itself with bullet connections.
1. White with red stripe
2. Black -GROUND
3. White with green stripe.
With ignition off, disconnect white with green.wire. keep wire ends away from ground/metal.
Connect spark checker to coil wire after removing from distributor side.
Turn ignition to the ON/RUN postion.
NOT cranking position.
With the white with green stripe wire the wire which goes to the timing control module in your hand, Strike end to ground rapidly and see if you now have spark.
If you now have spark, replace pickup sensor in distributor.
Report back with results
