1997 Ford F250HD with 460. Cutting out.

My fiance's dad recently bought this 1997 Ford F250HD with the 460 engine.  Truck idles great but when you go to take off, it will cut out but once you get into the higher rpms, it won't cut out anymore.  Truck has a new distributor, coil, plugs, wires, Factory O2 sensor and ICM.  
This truck still uses the old OBD 1 diagnostic connector so getting info out of the computer is not that easy.  I was able to pull some codes out using my Innova 5610 with the OBD 1 Ford adapter cable.  The only code that seemed remotely related is a 212 which is a "Loss of Ignition monitor spout/circuit grounded.  I tried using my old AutoXray 6000 which usually is good on OBD 1 vehicles and does give some live data but it would not communicate with this truck.  I may have to select the year 1995 when setting the scanner up instead of 1997 which normally would be an OBD 2 vehicle the next time I see the truck.
The other symptom is that when it cuts out, the tach drops out but this truck doesn't use a crank sensor but a pickup in the distributor.  Truck did the same thing with the distributor that came on the truck so the new distributor didn't help. 
We did buy an Alldata DIY subscription for the truck so we do have access to wiring diagrams but so far we are at a loss on what the problem could be.

I did put a fuel pressure gauge on it and it was in spec though on the lower side.  The pressure was pretty much the same when running either gas tank.  The pressure did not go up at higher rpms but stays about the same.  It also has a new fuel filter on it.  
Does anyone have any other ideas on what to look at?  

I would start with the spout wire and follow it to see if it is chaffed or pinched anywhere. If nothing visible disconnect the battery and then disconnect the pcm connector and the icm connector as well as the spout pill. Then using a 4 amp test bulb like a 3157 with a connector and a jump power to one end of wire then on the other end connect bulb and ground it out to see if bulb lights bright. if it works fine on both sections of the spout wire you will need to inspect the sensor in the bottom of distributor and inspect the inside of the pcm. this is because both the pcm and the pip are failure prone at this age. PCM for capacitors leaking and various circuits effected from the corrosive material in the capacitor.

Thanks for the info. I will try doing the test light and see what results I get. The distributor is new and so is the sensor inside it and the running issue didn't change at all with the replacement of the distributor. I have disconnected the PCM and ICM connectors and took out the spout jumper to look for corrosion or bent pins and everything looks fine. The wiring to the spout looks fine that I can see but I didn't unwrap the tape in the rest of the harness to it.

Getting the PCM out will be a little bit of a challenge since the inner fender liner has to come out to remove it. The truck did come with another PCM but it's not programmed to the truck and when I hooked it up to see what it would do, the truck would not start.

i have seen bad new pickups in distributors so you will want to check it out to make sure its good. if what i have listed off is good only possibility left is the icm

Thanks. It's possible that the new sensor in the distributor is bad but it runs exactly the same as before the distributor replacement so who knows. The ICM is also new but I have read different things about what color the ICM should be for this truck. Most things I have read say that the ICM should be black in color for this year truck. The replacement came from Rockauto and is gray in color as is all of the available modules from there. I don't know how important module color is in regards to how it runs. The truck is currently at a shop getting the rear main seal replaced so I have no had a chance to look at it since I have posted this question.