Q: tachymeter needle jumps around then falls to zero and check engine light comes on on 1992 Ford Thunderbird SC

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I have replaced the cam sensor and the problem still happens. The engine does not miss when this happens and the tachymeter needle comes back in about 5 seconds and the check engine light goes out.
(1) Answer
I believe, if I'm not mistaken, the the signal for the tach comes from the coil, goes thrugh the TFI (ignition) module, and to the instrument cluster.

You could have an intermittent loose connection issue, or a component failure.