So first, YES your 02's IDM would work just fine.
Next, your buddies scan tool isn't up to the task, most aren't.
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If you're gonna keep & maintain the truck yourself I strongly suggest you get access to the special scanner software you need to do it.
To retrieve most of the codes you'll need to help and even do some testing look at the FORscan Lite or TorqueApp (you add an Android device and Blue Tooth Adapter for @ $30) OR the Windoze version with a USB adapter. I like this one for BT Android -> http://www.amazon.com/BAFX-Products-34t5-Bluetooth-Android/dp/B005NLQAHS/
Just a few years ago you needed to buy a professional scan tool because our trucks need to have a scanner with a Library containing both the Ford Proprietary AND the Diesel Specific codes in it. Add to that, our trucks are Not, specifically, OBD-II so the Generic scanners the Auto Parts Stores have are of little use to us. But today there are some very good App based tools, that are close to what the pro tools do, for fraction of the cost.
How To: Super Duty Diagnosis on the Cheap! This will be a multi-part write-up, covering how to diagnose, monitor, and run tests on Ford Super Duty Trucks, focusing on the Ford 7.3L Super Duty as that is the truck that I own, but these tools work for all Super Duty Trucks. Warning: Some...
www.powerstroke.org
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The next question I would ask from your description is, How much Fuel is in the tank right now?
Go over all this stuff (I know your addressed some of it already)
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My usual No Start -
WTS Light? - do you get it when you first roll-on the key? (shows the computer is running)
Do you see cranking rpm on the Tach? Can you verify cranking rpm signal with a scanner of some sort? Do you have a spare CPS to try?
Is there fuel in the fuel bowl now? Does it refill after cranking? (open the drain lever to check) Look above the pass ft tire, you'll see a 3/8" metal tube, against the motor that ends there, it's the drain for the bowl (yellow lever you slide to the side). Get a cup, open the lever, drain the fuel bowl, look at the fuel, close the lever. Then, turn the key to the ON position (should hear the pump) for 15 secs. Drain the fuel bowl again, whaddya got?
Can you hear/feel the pump running (below the dr seat, against the framerail)
Could the fuel gauge be giving a bad reading? (Below 1/4 tank?)
Is it cranking fast enough? - it won't even TRY to start if cranking too slowly.
Is your truck "chipped"? If so, remove it as a Test.
You can unplug the ICP sensor, as a Test, so the PCM sets a default value for the IPR to run on (expect this to set a new "Low ICP" code, don't let that misdirect you after a scan).
Did you check the plug and sheet metal nut going to the IPR? That nut can vibrate off and allow the solenoid going over the valve to slide around. The wires going to the IPR can get brittle, crack, and short together. Make sure the plug & wires look in good shape.
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Previous to this No Start, were you seeing the SES light come on? You can look at the no start list and try some stuff while you find what you need to do a proper scan but, in the end, what you need to do now to be able to find your problem is to scan for codes and monitor sensors....