stunner,
If it starts sometimes and then stops it's more likely a solid state ignition component getting ready to die.
It could be your PIP module. That stands for Profile Ignition Pickup module. It’s also called a Hall Effect sensor, because that’s the name of the solid state device that makes the PIP work. And, the Ford parts books call it the distributor Stator, because it’s the part that doesn’t move. The rotor (a round disk with a window cut in it for each of the eight cylinders in the engine) spins through it.
Problem is that the PIP module mounts in the bottom of the distributor. You have to remove the distributor from the engine to install a new PIP module. Unless you have experience doing that, and getting the thing back in right without screwing up your timing, its best to get help.
Second thing it could be is your TFI (Thick Film Ignition) module. That's the solid state device that actually switches the coil to fire each spark plug at the right time.
The TFI module is mounted to the passenger-side fenderwell just below where your MAF and air inlet ducting are. You will have to remove all the air inlet stuff from the throttle body back to the air filter box to gain access. OOPS, that's the TFI location on a 94/95 GT! You said your buddy's car is a 92! The TFI module on those is attached to the side of the distributor if I remember correctly.
Disconnect the negative battery terminal before you remove it. Once you have it out, take it to an AutoZone. They have a test fixture that they connect it to and test it under load. The test is free. If it’s good, put it back in… no cost, and you eliminated one possible cause. If it fails you found the problem.
Hope this helps. Good luck.