Okay, I feel like I wasted you guys' time.
Let me be quick and to the point. The culprit was the plug wires. I made myself just go ahead and put the new ones on and it totally solved my problem.
Thanks to all who replied. Forgive me for how long I take to reply, but I have recently been carpooling to work and don't have to drive my car during the week. When I get home, I don't usually have much time to mess around with it.
Thanks again.
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351W-powered 1979 Ford Mustang notchback
Stock 5.8L under custom made 4" cowl, C4 w/ shift kit
Holley 750 cfm, Edelbrock Performer RPM intake
1 5/8" MAC shorty headers, Al driveshaft
2.5" Off road H-pipe, 2-chamber Flowmasters
Front: 225/60/15, Rear: 255/60/15 Eagle GT II
Weld wheels (15x6;15x8), 8.8" Rear w/ 3.55s
14 x 4” K&N air filter.
Only a couple of weeks b4 Project FOX begins!!! 
"Red, thou art my companion. Hasten now your quickened metamorphosis to Green that I may conquer all who dare abide there beside me. May they be left thither behind burnt black." ---Fox Body