Check battery and terminals
Engine quitting while crusing sounds like a bad/weak battery (classic symptom). The alternator has to have a stong battery to power the alternator field coil. A weak battery can also cause a difficult restart condition (PCM needs good voltage to work).
Check all connections to/from the battery and alternator. Ensure they are clean and tight.
I have seen myself Mustangs apparently turning over fast enough to start but don't. As soon as the battery is replaced (or jumpped), the engine fires right up. Bottom line. Today's cars will not run right without a solid battery. The days of jump starting a car with a totally dead battery are over.
This is NOT a PATS issue. PATS will not turn the engine off while underway. Besides, it will flash an error code on the theft light.
Reminder: For the 96-98 MY, PATS disables the starter. For the 99-04 MY, PATS disables the fuel/spark.
A bad Crank shaft position sensor can cause a no-start. To test, monitor the RPM's with an ODB2 scanner. If no RPM's, the Crank shaft position sensor is bad or the wiring to/from is bad.
A bad IAC can cause a no-start. It could also cause it to die when letting off the throttle. Try this, crack the throttle halfway. If it starts right up, suspect a bad IAC.
To rule out a fuel pressure leak down, cycle the key on/off several times (do not start). If the engine fires up, suspect a weak fuel pump, leaky injectors, or bad FP check valve.
To rule out a bad MAF: disconnect the electrical connection to the MAF. If the problem improves, suspect a bad MAF.
This could be the coil packs as will as the PCM itself. Diagnose the ignition system as usual. Verify spark and go from there. OBTW, if the problem was in the low voltage side of the circuit, it could easily affect all of the coils. Also not a bad idea to check all fuses.