Injectors are shooting gas but it won't start I spray starter fluid in a stays on what could be the problem

Spraying starting into the throttle body and the engine runs usually means the fuel pump is bad, or leaking fuel injectors. Probably should check the fuel pressure and do a bleed down test. If the fuel pressure bleeds down then it is an indication that the injectors are leaking.

Did 86 Cougars have fuel injection? I suspect it has a carburetor but even if it does have fuel injection and in 31 years the fuel pump is still running ... the gas pressure may be lower than an 80 year old with a bad prostrate

Mercury started (fuel Injection) in 83.