Engine fault code 54 Check engine light on

Engine still runs but runs rough. It is a 3.0 liter engine and does not require a cam position sensor. Noing that the engine still runs what else could the problem be?

54 Internal logic module fault ('84 turbo only) - or camshaft sensor/distributor timing (7)
I think your problem is in your distributor:

Taken from footnotes in:
http://www.allpar.com/fix/80s-codes.html:

Note #7Steve Knickerbocker wrote: Inside your distributor you have two pickups, one is for the ignition and one is to tell the computer where number one cylinder is in its rotation. If you look at the four slotted tangs inside there you will see one has a bigger slot, that's the one that tells the sync pickup what's number one. In other words, the pickup inside the distributor is bad.