5.0 ho cranks no start inj. has 12 volts on both wires???

Use of proper tools helps.

The ground is modulated very quickly, which is why a noid light uses an LED type light (quick saturation and accurate dwell).
 
As HISSIN50 has said, use the right tool for the job.

The injector gets a square wave pulse which lasts for a very small fraction of a second. An incandescent lamp takes a few tenths of a second for the filament to heat to produce any light. That's why you aren't seeing any light.
 
Did you check the fuel pump??? Try and remove the schrader valve on the injector rail, turn to koeo and see if any fuel comes out.

Use a fuel pressure gauge. Removing the Schrader valve opens the fuel system - this is a fire hazard and doesnt give any quantified information.