Stumbling

So I was driving home in the rain for the 1st time since I bought my 88gt. It began to stumble intermitently. I do not have fender liners and I also have a bbk cold air kit, thats was a bit wet when I got home. I also noticed the voltage gauge would drop to about 8, until it reved over 1700rpm, then shot up to normal. Car would seem to run fine then stumble, then run fine.

This is the 1st problem I have had with it.
 
The possibilities, could have sucked up a little water in the intake, the alternator got wet causing it to slip internally (hence the voltage drop , i'll bet it squealed just as the voltage picked back up) , the distributor got wet. If the dist has a tiny crack in it or it isn't sealed well, the problems you mentioned may occur. This can also be the case if the distributor cap clamps are too loose. you must have went through some big water puddles.

GET yourself some fenderwell splash shields from the junk yard. Otherwise you will suck up water from the slightest puddle. It'll just shoot it right in.