Start by fixing your rear brakes. If your brakes can't stop it from spinning you will never get a true convertor read. After that check your tune. It sounds like your not getting a whole lot of torque (which affects converter stall speed drastically) out of the hole. The timing and ignition are a great place to start.
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Good luck!
Brad R.
1992 L.X. 5.0 coupe
MODS: A few little bolt ons 
New Best time ...11.60 @ 128 mph @ 2000+ ft altitude.
Rice Haters Club member #39
Users rides #2542
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