"If the chip is installed correctly, and you definitely have both spark and fuel pressure, your ignition module is dead. A bad ignition module won't generate a reference pulse preventing the injectors from firing. Part number is 1048-2827 (located under your distributor cap, BTW). Some auto chain stores can test to confirm it it's good or bad."
If you have a store that can test it for you, be sure to have them test it a three of four times to heat it up. I have seen modules that would pass the first test only to fail after it was tested again.
Actually it's heat transfer compound or heat-sink compound. Dielectric grease is a lube that conducts electricity. Used, for example, on sparkplugs to make it easier to install and remove the wire/boot. A tiny tube of it will (or should) come with a new module. Both should also be available at your friendly parts store.