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I have a 94 that is having problems. The car sounds like it is "cutting out" between 2500 and 5000 rpms. It just acts like it doesn't want to go. This only happens after it warms up, above 190 degrees or so. I pulled the codes and the only thing stored was a code 16. Any suggestions?
If I remember correctly a "Code 16" is a "Direct Ignition Fault Line Circuit" failure and is a breakdown involving an ignition module and a signal it generates to the ECM.
Since I have a L-98 and this code doesn't apply to L-98s I can't help you much with a LT-1 ignition system beyond the above description. Sorry :( Logic seems to indicate from your symptoms that the problem may be in the ignition.