It could be the check valve at the fuel line, located right between the fuel filter and main pump (in the same assembly under the car).
When the engine is hot, and the check valve is not doing it's job, it can produce a vapor lock by pushing some fuel back to the rear end. The check valve (one way valve) does not allow fuel to go backwards. This would explain why it seems like it starts (residual fuel up front), but then stalls out due to fuel starvation. If you hold the gas, the increase in fuel requirement/demand could be enough to overtake any possible vapor lock and fill up the fuel line again. This theory is also in line with the fact that this would never happen on an engine that is completely cooled down (no vapor lock).
Regarding the flickering check engine light, anything causing the engine to idle low or stall out would cause that. It could be part of the effect of the problem, not directly related to the cause. As such, the code might not be useful in this case.
The above happened to me 3 years ago, and the check valve fixed the problem 100%. My case was a 240, but likely the fuel delivery configuration is the same.
Best of luck,
Greg Mustang
Montreal, Canada
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