Ran it tonight, didn't see any arching at the spark plug wires. I tell you what though, the smoke that came out the exhaust was so rich with the smell of gas! I will get the fuel pressure checked soon and go from there.
Thanks for all the suggestions, I'm getting nore familiar with this car, wrenching on my 1970 camaro was so much easier!

 

take the 02 sensors out and see if there fouled. i have used my acetylene torch to clean 02 sensors before, works pretty good for a short term fix. blue flame just dont want to get them to hot and melt the wires. have you gotten any ses/check engine light coming on? opti giving false info can do this as well as a few sensors, test temp sensor, coolant and intake air temp. brb

 

some good info here 4th Gen LT1 F-Body Tech Aids click how to then click number 20

 

The check engine light is not on, the only one that comes on, and has for quite some time, is the coolant one. It comes on dim then all the way, it's been faulty for a long time and I have just left it alone.

 

I will look over the website, thanks!

 

It's at a shop now, upon initial inspection they said there is fuel in the cylinder and it's possibly a fuel injector. Does that sound like a possibility??

 

Leaky fuel injector can be a problem.
If coolant light is on, what one?
It could be the reservoir low on coolant and telling you to add some coolant to the reservoir,
It could be the engine temp is pegged due to low coolant or poor circulation, but then, CEL would come on also.
Your symptom of different brightness for the 'coolant light' might indicate the engine one-wire temp sensor between Cyl's 1 & 3 could be for a gauge.
The sensor would be a variable resistor - lower resistance value as in a hotter engine, brighter bulb, rather than for a light, where the sensor would be a thermal switch, a bright bulb when sensor switch closes.

 

They are now leaning towards the fuel pressue regulator and have ordered the part.

 

The regulator could have a broken diaphragm causing the reg to fully pressurize the fuel rail and over fuel.

 

Turns out it was the fuel pressure regulator.