The current Megajolt Lite only requires a CRANK signal but the new Megajolt/2 ignition controller requires a CAM sync signal as well, so you'd need to generate that. Price Motorsport has billet 351C/460 and 351W versions of the 5.0L Explorer cam sync oil plug that uses an OE Ford signal generator. Both Hall Effect and VR units are available.
It's also possible to use eight Ford "C.O.P." coils with the EDIS-8 ignition module, wired in pairs (waste spark configuration), instead of the two coil packs. Other individual coils may work as well; however, I'm not aware of any specific items.