88 Ranger 2.3 Oil light flashes at idle and No Power!

I have an 88 Ford Ranger 5- speed 2.3 fuel injected 4 cylinder (4 plug not the 8 plug). I have changed plugs, wires, rotor, cap, oil, filter, fuel pump in tank, fuel filter, cut off catalytic converter, run premium gas, run injector cleaner, checked compression (all cylinders over 120). The truck starts and idles fine in the mornings but once it gets warmed up the oil light will start to flash and it will idle rough. So i'm thinking oil pump maybe? But also once it warms up it seems to lose it's power, (what little it has) and you have to ride the clutch to get it going. If you punch the gas it takes forever for it to ever actually take the gas it just kinka falls on it's face for a while, once in higher rpms, it runs good. The front fuel pump makes a bubbling sound almost like it's sucking air but i've crawled under the truck and moved all the lines and can't get it to change noises so thinking maybe inside the pump, do they all sound like that? The timing on the truck is advanced about 30 degrees. If you put at like 10 degrees (where it is suppost to be) then it runs way worse, at almost 40 degrees it runs pretty good but labor knocks too bad. Let me know if you can help I really appreciate it! Oil pump? Fuel Pump? Fuel Injectors? Thanks blake