Back feeding voltage, that's going to be fun, you all ready replaced the coil right or at least disconnected it while testing?... That wire runs to the pedals, Aod should be a jumper plug in that area, trees off to the trans harness, starter relay and tfi, don't remember any other power source tie in but don't have an evtm.. Your getting the crank signal from it still to the relay if engine cranked so switch maybe intermittent or just didn't get a connection when probed. So not looking like the switch.
You replaced the coil all ready right, or at least tested with it disconnected? What exactly did you tap for the tach signal and did you see any evidence of melted wires, smoke, etc or just not starting after. If the coils been replaced its time to start tracing wires.
Fox bodies my rule is all ways have a spare good loaded Distributor on hand, even coils these days because alot of the old wiring will kill them pretty quickly on these cars, many need harnessess repairs in the engine bay but alot of people just throw parts at it instead.
The post jricker has on here might help a bit.
https://stangnet.com/mustang-forums/threads/blowing-pip-sensor.923570/#post-9350134