Bad distributor pickup?

[EHardy1971]

Ok guys, this is on my work truck, '95 F-150 5.0. It's been acting up for awhile, as in going dead, but intermittent, and would usually fire right back up after a few minutes. It's most definitely ignition related, because I'm only getting fire off and on. It has a brand new coil, and the coil is getting power in with the ignition switch turned on, and it's not the ignition module (tried it out with a known good module). Yesterday I noticed some crud around the pickup in the distributor, sprayed it out with some ether/starting fluid, wiped it out, and it fired right up and ran great until tonight. Put a test light on the #1 wire for the PIP, with the switch on, and got a solid light off the harness coming from the dizzy while spinning it over with my remote switch from under the hood, and the same on the module (it should be flashing). I tried checking it like that yesterday while it was running, and as soon as I pierced the wire with the test light, it stalled. This is the same type of distributor as the '94-'95 Mustang GT/Cobra with the remote mouted ignition module. I'm 99% sure it's the pickup in the distributor, but wanted some second opinions. Watcha think?