Ford Repair: 5.0 no start, tfi module, spark tester

Question
QUESTION: A few months back I had driven My 1986 crown victoria 5.0 to work and we had quite a few days of rain. Upon leaving work one night car would not start. After checking for spark and fuel and having both I eventually got the car started. I double pedaled the car and limped home.Car was running a little rough and I chalked it up to condensation in the fuel system so I added some dry gas. No change in running but got home after a grueling 37 miles. Had baby soon after so the car sat. After catching up I started looking for problems under the hood and found that I did not have 12 volts  to the positive red led on the coil or no flash of 12 volts on the green distributor lead. Found a melted 20 gauge fusible link on the drivers side which I have replaced as well as replacing the ignition module and the coil just because they were the originals and I figured It couldn't hurt. Cap and rotor are good. After repairing the link I have 12 volts at the coil on both the red and a pulse on the green. Have spark at the coil wire and the plug wires but still no start. Did I mention fuel pump is is pumping. I thought I might have moved the distributor out of time when changing the TFI module but even moving it while cranking does not fire her up. Do you think the timing chain could be stretched out or could it be something simple like the power relay or stator? Sorry for the long back story.

ANSWER: I think that you're problem is electrical related, given the blown fusible link. Sure, the chain could be stretched. Is it you're problem? I doubt it. Back track and figure what caused the link to melt. That is not a wear and tear issue.If you didn't remove the distributor, and only turned it a hair, that isn't you're problem. What color is the spark to the plugs?

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QUESTION: It wasn't exactly night yet but it appeared the spark was blueish-white at the coil wire to the cap with a spark tester on the end and more white at spark plug end also with the tester on it but adjusted a little closer on the gap.

Answer
I think now you have another problem. Anytime the car sits up, the gas goes bad without fuel stabilizer. You need to replace the fuel. In regards to you're other problem, take the alternator off and have it tested. We have to rule it out. I didn't get the question answered about the distributor. Did you remove it or simply turn it? The spark at the coil is good.