PIP sensor

It's called an ignition stator.

It's often easier to get a reman'd dizzy. To remove the PIP, you need to remove the gear on the dizzy. This generally requires a bearing splitter and a puller. It's more than some folks want to do.
 
Most folks use the parts store reman'd version (some of the expensive aftermarket dizzies have stator issues, ironically).

When you look for them, be sure you get the right one. Often asking for a dizzy for a t-bird with a 5.0 (search for which years had a HO 5.0) yields better results. Otherwise they sometimes give ya the wrong one (due to bad cross referencing).

The reman companies test the dizzy and if the PIP tests ok, they leave it in there. Who knows how long it will last (that's why the reman'd dizzies often have a lifetime warranty). A tell of it being an old PIP is that there is not an empty hole near the roll pin (near the gear). If there's not an empty hole, that dizzy might have same PIP that it had when it was exchanged last time.

If there is an empty hole, that suggests the PIP was replaced.

The reason for this is that the reman' companies often drill a new hole after replacing the PIP. It takes less time to do that then to line up the old hole.