The hall effect pickup in the distributor can go bad. For some reason I have had two go out while sitting for long periods of time. Do you have another distributor to try or maybe borrow one? Or, order a merc hall effect pickup and try that.

Gordo,
Did you figure it out?

Not exactly. I figured I'd go back to the Mercury ignition till I had time to mess with it.
Of course, I then forgot about it till the Shootout last weekend and remembered why I wanted to get away from the stock ignition...

Did you see the other thread regarding the fuse connector that's shrink wrapped in yellow?

Mine did teh same thing a couple weeks ago and I just went back to the stock t iv for the time, but will have the time to look at it later today. I'm not sure, but it looked like I was getting a dim read light for a while and then nothing. I did get in touch with S&S (bought the ignition related rights, etc... from merc) and they indicated that as a courtesy they were trying to honor valid warranties (I just bought some months back). Please post if you make progress or figure something out that isn't obvious. I'll do the same. I have a feeling that mine is toast, but will double check evreything and then jumper the power to be sure... Good luck with it.