Personally, I would go ahead and buy one of the TFI's if I were you. The site is
www.turboford.org
Go into the for sale section and look for the topic "sale on motorcraft tune-up parts", and send the guy a message telling him you want one. He'll tell you what to do from there.
The PIP sensor is in the distributor. The three pins from the TFI module plug into it.
Rick Corder