So if there is no pulsating voltage then the coil will not fire at all, correct? The stators are pretty much all junk with the exception of the Standard Ignition LX222. I know people interchange (myself included) the stator with the PIP (profile ignition pickup) or hall effect sensor. There is only one sensor inside the distributor so whatever you like to call it just understand that its two functions are to tell the TFI module (also known as the ICM or ignition control module) when to tell the coil to fire and sends the same signal to the ECU for injector pulsing.
So I am going off of memory here so please check me as I was chasing a no spark problem on my Coupe years ago which lead to doing what I am going to try and describe below. In my case the injectors did pulse but there was no spark. One way to tell if the stator is bad is to unplug the distributor from the ECU harness, pull the distributor (mark the base of the distributor body to the block and rotor bug to the distributor so you can reinstall with the timing correct), ground the body of the distributor, connect the distributor back to the ECU harness, and install a plug into the distributor side of the coil wire and ground the body of the spark plug. Turn the key to run and spin the distributor by hand. You should see a spark and hear the injectors pulse. If you do not see a spark or hear the injectors pulse then their is a problem with the stator.
Again, would appreciate someone checking me on the above "test" as its been a few years.