Code 54 is no sync signal, sync single generator in the distirbutor. 12 is battery disconnected in the last 50 cycles and I think 55 is test completed.
The test procedures I have are for a 93, may or may not be the same as yours.
The wires going into the distributor base, could be orange power in, tan/yellow power out to the PCM and black and light blue is ground. Voltage in and out should be about 5 volts, measured to ground. The out voltage will only read if the pulse ring and generator are aligned in a certain position. The book mentioned a 9 O-clock positon of the rotor as being the sweat point, but they failed to mention 9 O-clock form where. Guess 12 O-clock might be vehicle front? They said the test should be made with the connector connected and pushing the voltmeter probes into the back of the connector, to make contact (without messing up the rubber seals/which is nearly impossible). I usually make a little cut in the wire insulation lengthwise(being carefull not to cut the wire) and reseal it with a dab of silicon when I´m done (next time you just have to scrape off the silicon with your finger nail).
Pin 7 at the PCM is power to the sync sensor, pin 44 is sync signal back to the PCM.
I´d be tempted to probe the wire as near to the 44 pin as I could (with a dial/analoge type volt meter) plus lead to the 44 pin wire and the other to ground and crank the motor over, you should get a 5 volt pulse. If you do you don´t have to worry about troubleshooting the sync assembly or the wiring, everything has continuity and working.
The troubleshooting, recommendations in the book, leaned heavily towards the wiring and the connectors as being the problem. And then the sync signal generator (or sometimes called the cam position sensor).
