Hey MFer's,
Got a real big issue with my main mode of transport (1993 Lincoln Towncar, 4.6, AOD-E). Here's the story:

Went to get my kids this morning from the ex. Car ran and drove normally on the way there. Heading back on the freeway cruising along @ ~72MPH, the car bucks for a second, kinda felt like a split second loss of power, then starts to decelerate. I pump the throttle to listen for the engine rev, car's still running but wont accelerate unless I floor it.
Get off at the next exit, when I pull up to the light, black smoke is billowing out the tailpipe pretty hardcore. Take a right hand turn, car seems to accelerate normally up to ~35MPH. Take it to its normal shift point @ 39MPH, doesn't shift. (Makes sense why it wouldn't accel on the freeway unless I floored it).

So I finally get it home and plug in my Innova OBDI scanner. Nada. Can't pull any codes except for the ones stored in memory. The codes from there were EGR insufficient flow, and an O2 sensor code.

I asked this free online place and they said to remove the O2's and drive to check for plugged exhaust. While not a bad idea, it wouldn't make any sense why the car is not shifting.

At any rate, I think the PCM might be bad. Has anyone ever experienced this? If so, what was the fix?

Please help! This is the only means of transportation for my children and me (can't drive the Ranger in the snow).