Okay!! I got it fixed!! Mr. Windsor you were right! It was the fuel pump. I had a Holley performance pump on there that was approx. 2 years old, well it had its days. I wish I hadn't gone straight to carb and ignition as a cause of my problems because of all that money I spent but hey, I got almost a grand in cool parts. Speed Demon carb, MSD ignition, XRP lines and hoses, and a nice new pump. I went over to O'Reiley's (?sp?) and bought a carter replacement for $30 and put that sucker in. While I was trying to install the new pump, I found out that someone had previously stripped out one of the bolt holes and put a helicoil in it. That is a spiral thing that is screwed into a reamed out hole and has the proper threads on the inside. It must have begun to slip out because that is where the oil was probably coming from (the old fuel pump was covered in old engine oil. It wasn't must oil and I didn't have a drip on the ground, but it was spraying oil all along the bottom of my engine- Flexlite Fan + Oil= Oil all over. I took the Holley pump apart and could not see any obvious signs of a puncture/leak in the diaphram except for the oil that was in the lower half of the pump. Oil should only be in the upper half where the lever is! I was getting low pressure both in my fuel and oil system due to the leak and that must have been where I was losing my oil. It must have been throwing the mixture way off. So Mr. Windsor was exactly right and all I needed was to change that relatively cheap part.
I bought the cheap one because I plan on putting an Aeromotive Electric fuel pump, Meziere electric water pump, electric fans, and a nice Powermaster 140 Amp alternator to power all that and the impressive stereo I am putting in it- oh, and a Auto-Rod Control membrane switch panel mounted to the eight point roll bar. I think a hidden switch for the fuel pump would be a good thieft deterance device too! Damn it felt nice to drive that car again today. Going to have a hard letting someone install a radio in it because that means there will be a few days I will be without it. I have been driving my retired mother's car around to my job and there is nothing like a muscle car to excite you over a '92 Ford T-Bird.