Electrical Replaced Pip. Now No Spark On #1 Plug Wire.

Car Details:
'95 Mustang GTS 5.0
306cui \ GT40 heads \ CAI \ E303 Cam
SCT 4-Bank Chip \ Tuned by BAMA Performance

The car was getting harder and harder to start until the other day it broke down while driving.
I found magnetic pickup in the PIP literally broke off and was laying in the bottom of the dizzy.

Before:
View attachment 122587

After
View attachment 122588

So I bought the new part, pulled the distributor and replaced it, all easy enough.

After turning the engine to 0'TDC and stabbing the dist. back in I have the rotor pointing at #1 on the cap.
So I move it to apprx. 10' to begin getting the timing set.

I throw on the timing light and I'm getting no spark out of #1.. so with that no way to ensure 10' BTDC.

Another strange anomoly is that if I reinsert the SPOUT, #1 starts firing but then I lose spark on #8.
All plugs and wires are new. (I have 2 sets to ensure that's not the problem)

Can anyone think of something I can do in order to get all cylinders firing again with the SPOUT unplugged so I can set the base timing? At this point IDK what's going on.

This is a thread I found where a guy had a similar problem that magically fixed itself.
http://www.stangnet.com/mustang-forums/threads/help-no-spark-on-1-cyl-only.696035/
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UPDATE:
At this point the following have been replaced:
COIL
PIP
TFI Module
Cap and Rotor
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My next step I guess is to buy a new distributor or another PIP.
I really like my billet dizzy and would much rather keep it as it's in great condition.

Any help is greatly appreciated.
Thank you very much. -Chris

Just to let everyone know, the car starts right up and runs.
I just can't set the timing properly because #1 doesn't fire with the SPOUT unplugged.

I receive no CEL, so I assume the computer thinks it's firing.
Additionally I pulled the ECT sensor plug to ensure the computer is still noticing faults and it is.

Thanks again!

Negative every part: coil, tfi module, cap and rotor, PIP are all BWD. They didn't have motorcraft in stock.

I just wanted to follow-up with the resolution to my issue. I ended up replacing the distributor because I was unable to locate a new reluctor wheel in town.
Because my original pip was falling apart it was dragging the inner portion of the reluctor wheel. (Metal wheel inside the dizzy that the rotor button uses for alignment)

Being that the #1 index on the reluctor wheel is much smaller than the others it was more susceptible to going out of tolerance.
So my theory is that because the reluctor wheel had been worn so thin the magnetic sensor in the PIP was skipping #1 altogether.

**But I also believe the shaft inside the distributor may also have been warped, because the wear on the reluctor wheel is uneven **

The car fires right up, the hard crank is gone, the throttle response is crisp, and my idle is clean.
I appreciate everyone's input and also for following along. Hopefully this will help someone it the future.

It's 100% new. By no means is it the best brand or quality but being that it's my primary vehicle I had no choice.
I called every junk yard in the city and not a single 5.0 was available. Plenty of cars but all missing the engines.

Being that the reluctor wheel was in need of replacement my options were limited.
So I ordered the reluctor from rock auto and will use it for my billet dizzy.

Once I get that I'll pull out the el'cheapo and retest my original dizzy.