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I'll check in one of my manuals, I do have a GM 81 ECM manual. A rare bird for sure. I'll see if it is more descriptive. O2 sensor can go bad, especially if gas has additives and some of that reduced emission stuff I am told. It is a cheap try. You can get reman ECM's from Eklers for about $100 or so if it doesn't clear up. Disconnect one side of battery to clear computer and try once more to see if code sets, i assume you tried this already.
When you have your O2 sensor out, look it over carefully. Make sure that the cage part that is the outside of the sensor is not eaten away. Look for signs of running rich. I had to go through a few O2 sensors when I was getting my rich condition taken care of. They either soot up, or completely burn up. You could also check your TPS. If you don't know how post here, I'll scan you some instructions and send them to you.
thanks for the help....The O2 sensor comes out this weekend to take a look...
I would be interested in the procedure for checking the TPS as well....:)