Have a friend keep the engine running by keeping a foot on the gas, just enough to keep it from stalling. While your friend does this, rotate the distributor until the RPM increases.
Now, see if it will idle. If it will, then disconnect the ECM wire from the distributor (this will cause the MIL, 'service engine soon' lamp to light, ignore this), and use a timing light to set the static timing to 0 as outlined above.
If the engine will still not keep idle, try a little more rotation on the distributor. If this doesn't work, verify that all of the ignition wires are properly installed, in a clockwise motion, with the order 1-8-4-3-6-5-7-2.
Edit: OOPS didn't see the date on the original post. Bad Silicon! At least this is out there for others who might be having this problem.
__________________
1988 9C1 - Modified LM1 @ 275HP/350TQ - TH700R4 - 3.08 8.5" Disc Rear - see it at
http://www.silicon212.org/9c1!
2005 Crown Vic P71 - former AZ DPS - 4.6 liters of pure creamy slothness!
1967 El Camino L79/M20 old school asphalt raper
Remember - a government that is strong enough to give you everything you need, is also strong enough to take everything you have.