Thanks for the replies, guys. Here's some more info:
Before I started to pull the distributor today, I checked the pickup coil again & got a steady 800 ohms resistance regardless of how I moved the wires around.
So I cleaned the pins from the ICM and squeezed the pin receptors in the connector for a little tighter fit and put everything back together.
The engine fired up as soon as the starter engaged; the usual cold start response. I let it idle until the rad fan started; when it went off I shut the engine off.
It started up again right away, then 20 minutes later, then an hour later and again 3 hours later. Maybe I've got a good connection now...

Background: The Formula's original (surprisingly very rusty) distributor was replaced in 2009 at 15,000 km (9,320 miles). This one has 18,300 km (11,370 miles) on it.
Twice in the last few weeks I drove somewhere and later got towed home. The first time, the spring loaded contact in the cap had fallen off.
It wouldn't start with a new cap and rotor until I fiddled with the pickup coil connector. Then it seemed fine.
The second time, no amount of manipulation of the connector helped, but it seemed ok later; starting and driving several times.
Yesterday it quit while running so I thought it might be more than the connection; maybe the pickup coil was done.
As noted in the original post, no continuity was found; today it seems ok.
I tried my new spare ICM and ignition coil after the first no-start to no avail. I've tested them before to ensure they're ok.