Could be your speed compensator.
I have heard all sorts of issues with them.
I use an Abbott ERA and have not had a problems, but you explanation of the gauges jumping all over could have been with that.
Did you try running with the ECT on?
Don't know if it is the comensator, but as I said I have heard some weird things happing with the EEC-V in the 99/00's.
Keep us posted when you resolve problem.
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