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Your service light has nothing to do with the error code. It triggered by a counter on the speedometer to come on at a specified interval for regular maintenance.
To reset it on an 89 you have to flip a lever on the back of the speedometer. You have to undo the underdash cover. Look for the back of the speedometer (it is white) you will see a black lever that you pull to reset the counter. I have removed the counter on my car because it is more annoying than useful.
144 is an ezk ignition error for no load signal from the LH ecu. Without a load signal it assumes the engine is under full load. So I would guess this would affect your drivability and fuel economy.
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