Thanks to everyone who responded to my posts.I replaced the crank sensor 2 days ago, after cleaning off the oil. My baby now purrs like a kitten!. It seems the oil was impeding the sensor from sending the correct readings to the ECU (ya think!) The oil may have come from the previous leak due the flame trap being clogged (the previous owner didn't know it existed) or it maybe from a leaking rear main seal. I've fixed the leak on top so if it happens again, my guess is its leaking from the rear seal. Hopefully this info will help someone. Thanks again.