Yep, that's what I meant. I just wanted to make sure he had done it.
Another thing to do. Unplug and replug every electrical connection that could have anyhting to do with it. Sometimes that will fix it.
Check the timing. Even though its not adjustable, it would be good to check on it.
Some bad things to think about. Burnt valve (probably not). Timing chain jumped a tooth (very possible). Timing chain jumped and the valves got bent (I hope not).
Check the compression. If one cylinder is way off from the rest, you've probably got a burnt valve. If they're all low, the chain could have jumped. How many miles are on the engine?
Sympthoms of a jumped chain:
Low power. Low idle. Backfire. The intake valves close too late and the combustion backfires into the intake. Since you have TPI it is not very noticable because of the "dry" intake. If you had TBI or a carb, all the air/fuel in the intake would explode and it would probably not run. Idles low because it is not sucking enough air. Same reason for the low power plus the exhaust valve opens later so the piston starts to compress the exhaust before the valve is opened. What happens if you keep driving with a slipped chain? It slips again. I don't think your engine is "free wheeling" so once it slips far enough the valves will all get bent. Bent valves break, fall into the cylinder, and you do the 5.0 H.O. swap.
Hopefully someone will shoot this to ****. Just what I think.