It could be flooding, or it could be bad ignition. The cam position sensor may be intermittent. This problem requires a good set of diagnostics to sort out. Start by readng the trouble codes.

It is possible that the TBI injector is passing too much fuel. This can be caused by a leaking valve in the injector, or messed up control current/voltage to the injector valve.

Abnormally low vaccum can mess with the engine controller.

We need someone to chime in here who has some experience with this particular engine and year.

Check the gas cap. It should have a one-way valve that admits air into the tank, but stop fumes from escaping. If this valve is missing (wrong cap) or plugged, a vaccum may develop in the tank especially in cooler weather.

A quick test: When the engine begins to falter, stop and loosen the cap. If this cures the problem, the cap is suspect. This won't work for engine controllers that have detection for loose caps.

I had unplugged the o2 sensor let it run for 5-7 minutes, balanced itself out, took it for a spin and it ran fine. Started it the next morning and wouldnt stay running but once I got going it ran fine. Went about 2 miles and ran rough again now its running real bad with the black smoke and gas fumes. Replaced everything to the left of TBI still running bad. Could the timing have jumped? Dies out when given gas...

Is this a TBI unit or a CPI unit? If it is a CPI unit they are mounted in the valley of the engine. They Can also have a problem leaking causing a rich condition. Below is an example of a CPI unit.

http://www.injectorwhse.com/servlet/the-19823/CP101-%22Spider%22-Fuel-Injector/Detail

Unit is a TBI going to get ECU unit inder dist cap tomorrow to see if thats the issue