There's not too much you can rebuild on that distributor. Don't recall replacing any later Ford distributors from being worn out. I would pick up a Motorcraft stator and have it installed. While they have the shaft out they could ck the play in the distributor body.
I just thought about this after all the talk of distributors, don't know why I didn't think of it sooner, and it may or may not be related to your situation. I have a 96 (by the date code cast into the block) 302 in my 1963 Country Sedan. It started missing under load but would idle fine. What I eventually found was the advance mechanism was worn on it's pivot points, allowing it to centifrically advance, but then it would stick there and not return. So total timing was at like 55 degrees. May or may not be related to your issue, but since someone brought up rebuilding distributors, I thought I'd mention it.
Found this while searching for parts/ideas today. I don't know how we learned things before the internet. By the way, I found Motorcraft TFI modules for about $90. The Advance Auto website says they have Motorcraft pickups but when you try to buy them, they tell you they are out of stock and not sure when/if they'll have anymore. https://www.fullsizebronco.com/threads/how-to-replace-an-ignition-pickup-pip-sensor.464897/
If you don't like the Delco pickup I linked to previously then try this one out: https://www.ebay.com/itm/Ford-Motor...953797?hash=item44679a7c85:g:QHYAAOSwQIVfkdm6
Still not fixed. I ordered a Motorcraft ignition pickup and TFI module...stuck in the USPS backlog. While waiting for that, I found a retired Ford mechanic working at a local AAA shop. He has the car in their shop and is working on it as he finds time between better paying jobs! He has an old Rotunda code reader but is not getting anything that make sense to him. So far, he's only billed me for an hour of time. He found and replaced a leaking temp sensor. He tried a new MAP sensor, sent it back since it didn't help. The intake air temp sensor was gunked up but I don't know if he has had time to try the new one yet. The wagon will idle great but will not take gas...will not rev without stumbling. He's thinking the EEC (?) is bad but wants to check a couple other things before he replaces that. He has about 27 years with Ford. He has a friend with about 40 years experience with Ford that he's also talking to about the issue. I'll let you know when things are sorted out. I'm just glad the problem did not start when I was 600 miles from home in TN.
The first thing I learned when you suspect the computer, is to check everything around the computer...powers, grounds, sensors and actuators. With his pronouncement, I agree that the computer may be compromised. The usual sign is incorrect sensor readings, or failure mode codes, regardless of what other codes it shows. Leadslead and I have a '95 F250 that, for one burned 1K ohm resistor, it had a code showing the computer was in the lowest function failure mode. But, I first performed a pin voltage test, and I didn't find anything out of range, but the truck just would not accelerate, and would not exceed 30 MPH. So, hopefully he will find it is a bad computer (rare in the EEC-IV system), and you'll find a usable computer to get you back on the road.
Thanks, I'll pass your thoughts along to Tim tomorrow. NAPA seems to have computers...multiple ones. I'd need to old computer numbers to find the correct one.
There'll be multiple ones, but if the wagon has the factory original, the connector shell will have the part number tag with calibration code, like that F250 computer: The "F5TF-12A650-PB" is the part number for this computer, and the "BAN1" is the calibration.
I'm still alive but the wagon is no better. Tim (the ex-Ford mechanic) had to quit working on the wagon. It was taking up too much shop space and not earning the business any money (Tim wasn't charging me for time spent on it). He verified the fuel pressure and regulator were working properly. He installed a new MAP sensor (did nothing so he put old one back in). Replaced the ECT, IAT and TPS. He says the car will now idle but still not rev up. The local Ford garage will not work on the car. Nobody in town will install the new Motorcraft parts in the distributor. I've moved the car to a shop recommended by the guy that does body work for me...he's not let me down yet. The new guy wants to start from scratch checking what has already been done. He probably won't get to it for a couple of days. I'll update after I hear from him.
Don't want to move to VA do you? I'll be taking the Falcon wagon to TX in July...I could give you a ride home.