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The 503 and equivalent 510 ECUs are rats. They and the 561/951 in the 89-on cars are the only ECUs to suspect for failure. The typical failure mode for the 503 is "failure to adjust mixture" with poor running. It is possible but all you have to do is find a running 83 or 84 non-turbo and swap the ECU momentarily. If it is the ECU it will be instantly apparent and you can then buy one used but working for $50. Easy, these things are in every salvage yard, but be careful because a lot of them are there because of teh ECU or AMM.
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