I was under the impression that Schaeffer was Bible Presbyterian, not PCA.
Bible Presbyterian's do tolerate dispensational theology from what i understand.

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Larry Bray
Elder - Reformed Presbyterian Church of Boothwyn, PCA
Boothwyn, PA - http://www.rpcb.org/
Free Online Reformed Seminary - http://www.tnars.net
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“The Christian must not be of such a complying nature as to cut the coat of his profession according to the fashion of the times…" - William Gurnall