If the ECM got contaminated by water, chances are you'll need to replace it. You also have to make sure there is no water in the harness connectors that might create a short or potential corrosion issues. 1986 was also a split year, so let us know if it's a 720 pickup (four headlights) or a D21 (two headlights). Nico Club's site may have a factory service manual available for download. If so, go to the EC section ("Engine Control") and follow the diagnostics for "no spark" in the ignition system section. Also, you'll want to see if the green and red LED's illuminate with the key "on." Of course, check your fuses.