In 1995 the ICM(ignition control module) is in the PCM(computer) not a separate module as it was from 1989 to 1994 on the 2.3l Lima engine
And the ICM in the PCM never fails, never even read about one failing, the whole PCM failing yes that can happen, but not just the spark part
Maybe you have a Flooding issue if plugs were soaked and you smell gasoline
All fuel injection computers have a Clear Flooded Engine routine, a way to turn off fuel injectors but leave spark on when cranking engine over
Turn key on, boots up computer
Press gas pedal down to the floor all the way, at 0rpms and WOT(wide open throttle) computer will turn off fuel injectors
Crank engine over, hold gas pedal down all the way
It should NOT start, it should NOT even fire
If it does fire or start then engine was flooded
Cranking speed of an engine is 200rpm, if engine fires a few times and RPMs reach 400 then computer will exit Clear Flooded Engine routine and turn injectors back on
If you release the gas pedal at any time computer will exit Clear Flooded Engine routine and turn injectors back on
If this is the problem, flooded engine, then check the Fuel Pressure Regulators(FPR) vacuum hose for gasoline
The FPR's valve can leak and that vacuum hose will suck in the gasoline to the intake flooding the engine
Leaking injector
Single injector leak could flood the whole engine, but usually would just cause a misfire
Faulty ECT(engine coolant temp) sensor
ECT sensor tells the PCM how cold the engine is so how much "Choke" to use for cold start
If outside/engine temp is 60degF then ECT will sends PCM about 2.5volts with key on
If its -20degF outside then ECT sends PCM 4volts
Gasoline engines need to be "choked" when cold or they will not start
Choke, in this case, means to add more gasoline to get more gasoline Vapor in the cylinders
A spark plug can not ignite liquid gasoline, it can only ignite gasoline vapor
When gasoline is cold it has less vapor, so as the temp goes down computer adds more gasoline to get vapor level in the cylinders high enough for cold start
If it 60degF outside but ECT is telling computer its -20degF outside then you get a flooded engine
Not sure where the ECT sensor is on the 1995 2.3l?
It will have 2 wires NOT 1 like the temp sender(for temp gauge only)
Might be on the heater hose