Welcome Mack!
I'm going to suggest checking for codes.
With early (OBD1) EFI you can flash out codes on the check engine light by grounding the test connector.
The procedure is here in the documentation.
Just because it isn't on doesn't mean there's nothing amiss.
It truly sounds like the timing is locked or the truck is in limp home mode.
Jim,
Lil'Red is a '87 F250 HD, 4.10's, 1356 4x4, Zf-5, 3G, PMGR, Saginaw PS, desmogged with a Holley 80508 and Performer intake.
Too much other stuff to mention.