My mom had an '82 Town Car. I got the pleasure of keeing it running. They have the early version of throttle body EFI. and yes, the timing is controlled by the computer, but there is a procedure to get the initial timing in the ball park for the computer to adjust. Basically, if it's running, the initial timing is good.
The few other problems are there is rubber fuel line inside the tank between the pump and the outlet. This line can get a small leak from age. The pressure will bleed down when the engine is off and it will take some cranking before it starts. Hot immediate starts will be good. Some shops will say it's the fuel pressure regulator or the injectors, but its' the rubber line.
The AC system can get a vac leak. It will default to defrost/floor (like the MM's). The actual control valve on the dash is still available from Ford for about $50. There is a small vac valve that is located on the blend door motor that leaks because it has a leather seal in it. The system will function properly at idle and light engine cruise, but default to defrost when under load. Got a lot of $$ off an '89 Town Car for sale that had this problem and the AC shop couldn't find the leak.
Also, a cool mod is look for a 1980-89 Ford CV police car (check for a "certified" 140 MPH speedo). The front and rear sway bars are a bolt on for the Lincoln. Takes a lot of lean out of the car, but no effect on the ride. Really makes it handle a lot better. The steering box will swap too, it has a quicker ratio...
Those are very nice cars wheneverything is working. My mom loved hers, put 100K miles on it.
His: Blue w/Light Flint Born 02/05/03 (Wednesday)
6674 of 7838, Color sequence 102 of 327
1 of 111 Without Heated Seats
6 CD Changer in Trunk
Locking Lugs
Trunk Organizer
Real Oil Press Guage w/MM Face
Marauder Side Emblems
Rear Bumper Inserts
Nephews: Blue w/Light Flint
Born 02/05/03
6673 of 7838, 101 of 327 Blues 1 of 111 Without Heated Seats
Cars purchased 7 years apart, but are only 20 VIN numbers apart. Sequential units on the assembly line.
Hers: Black 300A w/Charcoal Born 06/25/02 (Tuesday)
2011 of 7838.
Locking Lugs
Trunk Organizer
Real Oil Press Guage w/MM Face
Factory Alarm
Marauder Side Emblems
Rear Bumper Inserts
#4 (Pound Rescue Marauder) 2003 DBP/Light Flint
120 of 328 DBP 1 of 217 with heated seats.
6705 of 7838 2003's
Built Friday 02-07-2003
Bought 09-10-2012
#5 2003 DBP/Light Flint
136 of 327 Blues 1 of 111 W/O Heated Seats
6741 of 7838 2003's
Built Tuesday 02-11-2003
Bought 05-06-14