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My 88 302 has trouble starting when hot. It cranks fine, but acts flooded. Yet when I hold pedal to floor (I read somewhere that you don't do that w/EFI!!) it finally starts, and clears itself out (as it if had flooded) Idle eventually smooths out. Then when warm and I lug it in 4th gear at 1500 rpms, it misses badly till rpms build. Also, at rpms above 2500, it will still miss if I push pedal to floor too suddenly.
I had it in shop for other work and to address this problem. It received a "tune-up" and actually ran better for a while. It may have just been coincidence that it ran well after that, because a few weeks later the problem came back.
A friend says that's happened to him several times, and replacing Oxygen sensor fixed it.
Any thoughts on this?? It's an easy enough fix to do.
One other thought -- how's your cat converter doing ?? You didn't say how many miles on your '88 but the symptoms fit a plugged converter. Punch it out or replace it - depending on the state of you morals and wallet.
Your O2 sensor can be going out and not throw a code. The light will come on when the sensor gets to the point that it is so far out of range that the computer cannot ignore it anymore. However, the O2 doesnt seem to explain all the problems, but then again sometimes the bad part isnt that obvious, wouldn't hurt to change it if its the original.