I have a similar problem with a 1994 taurus wagon 3.8L. Ignition error codes were 211 - PIP ignition failure 176 - oxygen sensor fail (probably caused by the 211)
So far I have replaced the TFI ignition module, which I thought was the problem - it is located on the firewall under the wiper screen on the left side and has a heat sink attached. I thought it fixed it as it ran fine for several months, but the problem is back. Maybe the fuel pump is overheating and shutting down.
I don't think it is the Profile Ignition Pickup, if it was bad it would die altogether, the same goes for the coil.
The check engine light now comes on after the car 'dies' but no codes are registered.
Richard D, September 2005