The first blink signals the start of the codes and 11 is a pass code meaning their are no faults. Most readers blink the code sequence twice and reading them is a pain in the backside . I am assuming you're running the key on engine off diagnostic. I suspect you'll get the same result when you run the key on engine on as well but I'd run both to be safe. Bear in mind the hall effect sensor will not throw a trouble code. You can change the sensor but you'll need a puller to get the drive gear off the distributor shaft to remove the sensor. Then you'll need a press to properly reinstall it. If you're lazy and impatient like me you'll just buy a new distributor. I can't think of anything else that would cause this problem and not throw a code. Keep me posted on your progress.....
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86lx all option delete 5.0 notch/04 GT vert