I have a 1986 Ford Mustang 3.8L V6. When I turn the key the engen turns over caches, fires, then dies. I pour some gas into the throdal body, and it does not help. I have replaced the coil, roader, and spark cables, but nothing is helping.
Did you change your fuel filter? Were you having problems prior to this with acceleration, etc....? If it's cutting out it might be a fuel problem. If not also try changing the plugs. Not enough spark to maintain firing? Sorry I'm not the most proficient mechanic so these would be my guesses on my 98. I'm not sure if they will help on your 86. Good luck.