Yep, I wont try to spout off into because I am conversant with the fox PIP and the SN PIP actually works a little differently (it can use the raising and falling edge as a means of calculation IIRC).
The PIP is responsible for base spark and injector timing.
When one has a bad PIP, there should be no spark and no fuel injector pulsing (a bad TFI gives no spark but does not affect injector pulsing).
Some folks breeze through installing a new PIP and some struggle (getting the gear back on and aligned can be a pain). Were it me, I would try to do the PIP (a bearing splitter really helps with the task) and if it wont go, get a reman'd/new dizzy. At some point I would have a machine shop do the PIP in the old one so you have a back up dizzy.
Or a machine shop should be able to do the entire PIP swap.
Good luck.