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I have to think that it is an ECU limp mode thing. I don't understand why the CEL is not getting set. It may be something with the position feedback from the OMP (that is the usual culprit).
Try unplugging the IAT sensor while the engine is running and see if the CEL comes on. I am pretty sure that it should.
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1986 GXL ('87 4-port NA - Haltech E8, LS2 Coils. Defined Autoworks Headers, Dual 2.5" Exhaust (Dual Superflow, dBX mufflers)
1991 Coupe (KYB AGX Shocks, Eibach lowering springs, RB exhaust, Stock and Automatic)
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