80's eat computers, ran into that a couple times. If that's not the case spray some brake cleaner or starter fluid in the intake and try to start it.
If that model has a cold start injector make sure its not sticking open or not opening at all. There is a TSB for the cold start injector time switch that could possibly be the issue but I doubt it.
Also if I remember correctly the timing mark is on the flywheel(can't remember if that was on the earlier F motors only)that will tell you if your distributor placement is off.
Let us know what you find. One last thing, have you messed with the AFM?