Bad Distributor?

I got a 95 GT and it is hard to start when cold and when it starts up the idle is rough, not smooth, idle bogs and seems like it is going to die. Once the car warms up it runs ok. When I snap the throttle it does not seem crisp and smooth. The service engine light is on and I got a code 14, is the distributor bad? The distributor is original and has only 67k miles on it. Is there a way I can test and confirm the distributor is bad? Are the distributors known to fail a lot on the 94/95 5.0?

There are 2 diagnostic link connectors on the Mustang. One in the corner of the passenger side in the engine bay and the other inside the driver side, The one in the passenger side in the engine bay is the EEC port, which I jumped to read the flashes. The one in the driver side is the same size as an OBD 2 port and my OBD 2 scan tool plug fits in it but it won't read. When I bought the car, I was told it has a fox body computer but I'm not 100% sure if it does or not. I'm thinking it does because it has the EEC link connector in the passenger side of the engine bay and I'm pretty sure that is not factory.

So all 94-95 5.0 will read 3 digits? If I'm reading 2 digits then the car must have a fox body A9L computer?