I hate guessing, proper diagnostics will lead you to the problem.
Code 54 which is the fuel sync signal from the HEP will create a no start.
The controller needs to know where #1 cylinder is to sync the injectors.
You say no spark, are the plugs fuel fouled? If yes remove and clean/replace, be sure the oil is not fuel diluted, change if necassary, fuel diluted oil will wash down the cylinder walls creating internal engine problems while cranking/running.
Be sure the battery is fully charged before proceeding.
Clear the codes, be sure they cleared and crank the engine for 10 seconds,(unplug the fuel pump so the engine does not get flooded again) did the code
54 return? If so that is where we are heading with diagnostics,POST BACK.
Also, code 55 is "end of message" meaning the controller is done communicating.
When you installed the HEP be sure you did not bend the wiring down the side of the distributor as the factory had it or internal damage to he harness will occur, be sure the connectors are tight and secure and free of corrosion.
If the code 54 DID NOT return proceed with the following diagnostics.
Reconnect the fuel pump, locate the underhood diagnostic connector(in the harness near the controller).
With the key on/engine off ground the DB/YL wire in the diag conn., this will actuate the ASD relay. The fuel pump should run and there should be power (batt voltage) at the
+ coil, DG/BK wire at the injector harness and at the HO2S (if equipped)
If all is present the ASD circuit is fine, proceed.... If 1 or more is missing POST BACK.
Remove your ground from the diag conn., unplug the fuel pump and while cranking the engine for 10 seconds check for power at the + coil, is power present while cranking?
If no the problem is in the HEP circuit, POST BACK.
The controller will not actuate the ASD until it sees a crank signal from the HEP.
If power was present during cranking POST BACK, the problem is related to the ignition control circuit, coil or secondary ignition, be sure the distributor is turning.
To verify no spark(with fuel pump disconnected) remove the coil wire from the dist cap and hold 1/4" from a good ground(more than 1/4" can result in damage to the controller) and crank the engine for 10 seconds, spark should be strong and consistant, count 1-2 sparks as no spark.