so basically ill be drivinf around and doing some decent pulls. once i give about 3/4 to wot the ses light comes on. then car becomes sluggish and losses power. so i stop at a stop light and turn the car off then back on and wa la the power seems to be restored and ses light is off. this happens all the time. why is it throwing the ses light at me and then the car gets REALLY slow.

 

You're getting detonation, so the knock sensor tells the computer. The computer does 2 things. 1 it flasges the SES light, and 2, it pulls all your spark advance. This is to protect the engine from more detonation, but really hurts power. This is a very common problem with LO3s.

 

so what can i do about it? all new plugs, cap, rotor, and i just changed the ignition coil yesterday cuz it wouldnt start and i finally figured out what it was and it turned out to be the ignition coil. it wasnt doing this before. anything i can do about the detonation? is that the same as knocking?

 

knocking usually describes detonation, but also gets applied to preignition. your computer can't tell the difference. but what you have is detonation.
I chased this problem for many months with my '91. I'm a builder, not an electronics tuner.
at the end, I had removed the sensor from the block, and lightly screwed it into a brass fitting with teflon tape, and the brass fitting (from a local hardware store) was gently in the block, again with teflon tape. Tighter is worse. Just snug enough to not vibrate out. Don't JB Weld it.
Also was running premium gas with Super 104+ octane booster. Even with all that the problem still wouldn't go away.
So I went to a Q-Jet and an HEI.
I probably should've tried a custom PROM chip reprogrammed to ignore the knock sensor.
I wasn't burning any oil, so I doubted carbon build-up in the chambers. But that can cause it. I made no efforts in that direction, because I wasn't satisfied with the "power" of the "mighty" LO3.