Hmmm... That is very weird that the timing light won't work. Did you try the light on all four of the ignition wires or just cylinder #1? If the light isn't working then there isn't any current flowing through the wire. Your light gets power from the battery and has a clip that goes around the plug wires? (not sure if there are other types of timing lights)

The '87, does it have the distributor mounted on the front of the block or at the rear of the cylinder head? I've actually installed a distributor cap (block mounted) backward before. If you look closely at the bottom of the cap you'll see that both sides (each side being where the clips hold it down) aren't symmetrical. One side has a square shaped nub that keys with the plastic dust cover under the rotor.

How are the plugs and wires? What kind are they? Even if they are new, I would pull all and compare them. If one of them looks different from the other (note color, you knew that already) then at least you know which cylinder is acting funky.

I'll look through my Bosch Fuel Injection book tonight to see if I can find something else. Bottom line, considering the non-flashing timing light you definately have an ignition system issue.

Bean
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'80 242GT 92k, '94 945T 123k