Hey all. So I thought I would pass along some advice that may help others with a Ist Gen that won't start. I am wondering if it might have something to do with a weird interaction with the rain/humidity and the "thermal compound" on your ignitor (a.k.a. "ignition control module").
This seems to have been the case for me. On two different occasions about a year apart I've had the following occur. I was working on adjusting the valves and I had the distributor cap removed (so that I could watch the rotor turn to different positions while rotating the crankshaft with my ratchet). At some point during the job, it started to rain. I did not have time to put the cap back on the dizzy or put the valve cover back on the engine. Instead, I just closed the hood and let the car sit for a few days until it was the weekend and the rain had stopped and I was ready to finish the job. Once I did finish adjusting the valves, I reassembled everything and tried to start car, and to my surprise it wouldn't start!! I could hear the fuel pump "buzz" when I turned the key so I did not think I had a fuel issue. And when I used my spark plug tester I found that all four plugs had spark. So now I'm really annoyed, and bummed out, thinking I did something wrong to the valves, or that my timing belt slipped a tooth, or who knows what. But in the back of my mind, I kept remembering that it had rained and I wondered if moisture had somehow caused some mischief in the dizzy. But I was not excited about opening it up to see what was going on...so I took the easier route and said "hmmm....maybe the rain messed up the ignitor. That should not be difficult to swap out". (on the 1987 it is easy to get to. It is bolted to the underside of the dizzy). So I removed it and noticed something. The thermal compound had slid up against the 4 metal pins. (a little background: I guess the ignitor is sort of like a cpu in a computer and it gets hot. Just like in a computer, there is usually some "heatsink compound" applied to the top of the cpu, sandwiched between it and the fan. It helps the heat flow up into the fan where it gets exhausted, thus better cooling the chip. It sound like there is some mystery around what this stuff is in a car, as shown by this discussion here. In my case, since I occasionally tinker with computers, I already had some of this heatsink compound, and I just used that.)
All I know is this: I wiped most of the stuff off, especially so that it was not on the pins. Then I reassembled ignitor and tried starting the car. Bingo! It started right up! So I'm not sure what all this means, but may be someone else has a theory. Maybe something is shorting out and it is not flowing through the pins like it needs to. Maybe the amount of thermal compound I had was not a problem as long as everything is sealed and moisture is not getting in...but once it gets in, it condenses on top of the compound (?) and perhaps makes more of it slide down onto the pins and shorts something out? Maybe I still have enough spark to light my spark plug tester, but not enough for the voltage to jump the air gap at the end of the spark plug and actually ignite the air/fuel mixture. I really don't know. And I may be totally mis-remembering the situation, but I think cleaning off most of the compound was all I did to get car to run again. Anyway, I hope this helps someone else.