Need help with codes quick

Posted earlier about my 86 5.0 starting to miss all of a sudden on the way home. Pulled the codes and got the following:

12 42 33

Cylinder balance test revealed the following:

4 3


Also, all of a sudden I'm getting smoke from the rear of the engine on the passenger side. Car is running really really rich. Where should I go from here? Check the injectors on cylinders 4 and 3? What about the EGR valve...could it be stuck open? How do I determine for sure before I start replacing parts.
 
Code 12 -Idle Air Bypass motor not controlling idle properly (generally idle too low) - IAB dirty or not working. Take it off and clean it thoroughly with throttle body cleaner. Clean the electrical contacts with non flammable brake parts cleaner at the same time.

Code 33 - Insufficient EGR flow detected.
Look for vacuum leaks, cracked vacuum lines, failed EGR vacuum regulator. Check to see if you have 10” of vacuum at the EGR vacuum connection coming from the intake manifold. Look for electrical signal at the vacuum regulator solenoid valves located on the rear of the passenger side wheel well. Using a test light across the electrical connector, it should flicker as the electrical signal flickers. Remember that the computer does not source any power, but provides the ground necessary to complete the circuit. That means one side of the circuit will always be hot, and the other side will go to ground or below 1 volt as the computer switches on that circuit.
Check for resistance between the brown/lt green wire on the EGR sensor and pin 27 on the computer: you should have less than 1.5 ohm.

See the following website for some help from Tmoss (diagram designer) & Stang&2Birds (website host)

http://www.veryuseful.com/mustang/tech/engine/images/fuel-alt-links-ign-ac.gif

http://www.veryuseful.com/mustang/tech/engine/images/88-91eecPinout.gif


EGR test procedure courtesy of cjones

to check the EGR valve:
bring the engine to normal temp.
connect a vacuum pump to the EGR Valve
apply 5in vacuum to the valve.
if engine stumbled or died then EGR Valve and passage(there is a passageway through the heads and intake) are good.
if engine did NOT stumble or die then either the EGR Valve is bad and/or the passage is blocked.
if engine stumbled, connect vacuum gauge to the hose coming off of the EGR Valve
snap throttle to 2500 RPM (remember snap the throttle don't hold it there).
did the vacuum gauge show about 2-5 in vacuum?

if not, check for manifold vacuum at the EGR vacuum valve.
if you have manifold vacuum then connect vacuum gauge to the EGR valve side of the vacuum valve and snap throttle to 2500 RPM.
should read about 2- 5 in vacuum

The operation of the EGR vacuum regulator can be checked by using a test light applied across the wiring connector. Jumper the computer into self test mode and turn the key on but do not start the engine. You will hear all the actuators (including the EVR vacuum regulator) cycle. Watch for the light to flicker: that means the computer has signaled the EGR vacuum regulator successfully.

Code 42 & 92 (engine running) System rich - Fuel control or (memory) System was rich for 15 seconds or more (no HO2S switching) - Fuel control. Look for leaking injectors, fuel pressure too high, cylinder(s) not firing due to bad ignition.
Code 42 is the RH side sensor,
Code 92 is the LH side sensor.

Testing the O2 sensors
Measuring the O2 sensor voltage at the computer will give you a good idea of how well they are working. You'll have to pull the passenger side kick panel off to gain access to the computer connector. Remove the plastic wiring cover to get to the back side of the wiring. Use a safety pin or paper clip to probe the connections from the rear. The computer pins are 29 (LH O2 with a dark green/pink wire) and 43 (RH O2 with a dark blue/pink wire). Use the ground next to the computer to ground the voltmeter. The O2 sensor voltage should switch between .2-.9 volt at idle.

There is a fuse link for the O2 sensor heater power. According to Ranchero50, it is in the wiring near the passenger side hood hinge. Measuring the voltages will give a clue if it has shorted to the O2 sensor signal lead. The O2 sensor voltage should switch between .2-.9 volt at idle.
 
Well, I checked out the EGR system, and everything checks out. Any other suggestions, considering the codes I have? What about the results of my cylinder balance test?

The thing that worries me is when I race the engine, I'm getting a good bit of white and blue smoke. I think I may have broken a compression ring, but I don't know. I haven't done a compression test yet, and I need to do that to see what's going on for sure. The car has been using a good bit of oil for quite a while. I just don't understand...I pulled out, dropped it into second gear, went down the road and then it just started missing all of a sudden. I'm just at such a loss. This is really bad too because this is my work car, and the only other thing I have to drive at this point is my 69 Ford Truck, and it's not suited to haul my two kids around.

I really appreciate everyone's help, and I ask that you excuse my ignorance! I'm pretty good with cars, but when it gets into the internals of engines, especially fuel injected, I'm not very experienced.
 
The 43 on the cylinder balance test seems a little odd. It normally lists cylinders in order of 1 through 8. A 3 and 4 would point the cylinders 3 and 4 as being weak. A reading of 4 and 3 doesn't seem to go with the typical pattern.

Cylinder balance test:
Warm the car's engine up to normal operating temperature. Use a
jumper wire or paper clip to put the computer into test mode. Start
the engine and let it go through the normal diagnostic tests, then
quickly press the throttle to the floor. The engine RPM should exceed
2500 RPM's for a brief second. The engine RPM's will increase to about
1450-1600 RPM and hold steady. The engine will shut off power to each
injector, one at a time. When it has sequenced through all 8 injectors,
it will flash 9 for everything OK, or the number of the failing cylinder
such as 2 for cylinder #2. Quickly pressing the throttle again up to
2500 RPM’s will cause the test to re-run with smaller qualifying figures.
Do it a third time, and if the same cylinder shows up, the cylinder is
weak and isn’t putting out power like it should. See the Chilton’s Shop
manual for the complete test procedure

Here's the link to dump the computer codes with only a jumper wire
or paper clip and the check engine light, or test light or voltmeter.
I’ve used it for years, and it works great.

See http://www.troublecodes.net/Ford/

IF your car is an 86-88 stang, you'll have to use the test lamp or voltmeter method.
There is no functional check engine light on the 86-88's except possibly the Cali Mass Air cars.

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89 through 95 cars have a working Check Engine light. Watch it instead of a test lamp.

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Do a compression test on all the cylinders.
Take special note of any cylinder that shows up as weak in the cylinder
balance test. Low compression on one of these cylinders rules out the
injectors as being the most likely cause of the problem. Look at cylinders
that fail the cylinder balance test but have good compression. These
cylinders either have a bad injector, bad spark plug or spark plug wire.
Move the wire and then the spark plug to another cylinder and run the
cylinder balance test again. If it follows the moved wire or spark plug,
you have found the problem. If the same cylinder fails the test again,
the injector is bad. If different cylinders fail the cylinder balance test,
you have ignition problems or wiring problems in the 10 pin black &
white electrical connectors located by the EGR.

How to do a compression test:
Only use a compression tester with a screw in adapter for the spark
plug hole. The other type leaks too much to get an accurate reading.
Your local auto parts store may have a compression tester to rent.
If you do mechanic work on your own car on a regular basis, it would
be a good tool to add to your collection.

With the engine warmed up, remove all spark plugs and prop the
throttle wide open, crank the engine until it the gage reading stops
increasing. On a cold engine, it will be hard to tell what's good &
what's not. Some of the recent posts have numbers ranging from
140-170 psi. If the compression is low, squirt some oil in the cylinder
and do it again – if it comes up, the rings are worn. There should be
no more than 10% difference between cylinders. Use a blow down
leak test (puts compressed air inside cylinders) on cylinders that
have more than 10% difference.

See the link to my site for details on how to build your own blow
down type compression tester.