Ok, update: somehow the ignition wire *fell* off the dist. cap (?!) and once I secured that it ran MUCH smoother (It actually arced across a 1 1/2 inch gap, which is how I noticed it was loose). No more smoke or intense squealing.

It still sputters though, and I can't figure out why. It looks a little 'wet' around the 3rd and 4th fuel injectors, right next to the flame trap t-junction. It has plenty of oil, but it smells kinda like gas. I just replaced the rotor and cap with the wires and plugs along with a new battery not too long ago.

When I say sputter, I mean the car loses power for half a second - just enough to make it hesitate. It's not so bad at WOT, but I try to abstain from that. It's at it's worst at lower RPMs with light throttle (probably between 800 - 1400).