Security light flashing rapidly means computer is not recognizing the PATS(passive anti-theft system) Key you are using.
So you will have a No Start until it does.
The instrument cluster trouble is probably related since I don't like coincidences.
But instrument cluster is not part of PATS system.
And PATS is just used at startup, key off to key on is the only time key is tested not while engine is running and you are driving, so PATS can't shutdown a vehicle that is running.
'07 will have a microprocessor(mini computer) inside the instrument cluster that "talks" with engine computer(PCM).
You can test microprocessor, Google: 2007 ford instrument cluster test mode
First, when you turn on the key does the Check Engine Light(CEL) come on, it should, that means computer is getting power and starting up, if you don't get the CEL then fuse is blown in engine fuse box, and without computer power there is no PATS test for the key, so no starting
And do the gauges power up(move) when key is turned on, they should, if not then blown fuse in engine fuse box or passenger side cab fuse box(smart junction box)