Can my 88' be timed???

 

Yes. Be sure to remove the SPOUT connector before setting, and to re-insert upon completion. This is what looks like a dummy plug in a connector near the distributor. Other than that, pretty typical procedure using a timing light and rotating the distributor.

As far as what to set to - the handy-dandy Chilton's manual refers one to the underhood sticker. Not sure what the 4.9L's get, the 5.0L's get 10BTDC.

 

My 86' timing is anywhere from 8 degrees btdc to 10 degrees btdc so it looks like the 5.0 isn't very much off.