Injectors may be different, there was a change at some point between low and high impedance, although i cant remember the details. Exhaust cherry red sounds to me like you have retarded ignition timing. Just to be clear, you verified your cam timing is spot on, then brought the engine to operating temp, and then set your ignition timing to 10 BTDC with the jumper wire in place?
Also, why did you swap any electronics? Did the 89 not come with an intact engine control system?
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1989 7MGTE R154 Targa Top White Package w/Blue Interior
Driftmotion 57trim CT26, Upgraded Intercooler, 2.25" Hard Pipes, 3" Turbo Back Exhaust with Test Pipe, HKS VPC w/GM 3 bar MAP sensor, APEXi S-AFC, Walbro 255lph fuel pump, ProSport EVO Series Boost / Fuel Pressure / AFR gauges, Lotek a Pillar Gauge Pod, HKS Type 0 Turbo Timer, Eibach Lowering Springs, Tokico Illumina II TEMS struts, custom powder coated Motegi Racing TrakLite wheels
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