First thing I would do would give a serious look for vacuum leaks.
NExt thing is I would re-pull codes.
NExt get a vacuum guage (they are really inexpensive) and check for vacuum at each place that one should have vacuum. I think you should have about 18 inches of vacuum.
Follow the instructions for pulling codes and make sure that your coolent level is at the proper level. Yes you do have a coolent temperature sender, and it does send info for setting the timing.
How to scan FORD on board Diagnostic Trouble Codes (DTCs) in your driveway
Howto Pull Codes 1983-1995 Broncos, Mustang, F series Trucks, Econolines, 302, 351 and more
Checking for vacuum leaks.
Some of the sensors and some of the actuators either read the amount of vacuum, or use vacuum to move controls, therefore it is important to the proper functioning of the engine that your vacuum system is fully intact. Otherwise one may get codes falsely indicating that there is a problem with a controller/actuator, or a sensor when in reality it is caused by a lack of vacuum.
Look at your rubber vacuum hoses (they are about 1/4 - 3/8 inches in diameter, if they are dry rotted or cracked, replace them. IF they slip on/off of their connectors too easily, they may have stretched out a little bit, cut the ends off, and put them back on.
You may listen for a leak. Sometimes using a cut off piece of garden hose is a good aid to listen with. Sometimes a cardboard tube (like from gift wrapping paper) is helpful. Just remember that whenever you stick your head inside a running engine compartment, that you are not wearing any loose clothing or jewelry that can get caught.
Another suggestion is to use a spray can of carb cleaner and spray around the bottom of the intake manifold, and the base of the throttle body assembly. IF there is a leak, you should hear a change in your engine.
Keep a fire extinguisher handy, or use water instead of carb cleaner (it works, but not as well.) Be aware that if you use water and the wires get wet and it runs worse... your wires may be bad, and the water is allowing them to arc instead of jump the gap of the spark plug.
Another suggestion is: to take a propane torch, turn it on (but don't light it) and move it over the vacuum hoses and connections. The engine RPM's will increase if there is a leak and the propane gets sucked in.
Reember to check the PCV valve, hose and grommet