The PIP sensor is the crankshaft position sensor, but if it fails, the engine will cut out hard, not just stumble. Have you removed your intake or intake crossover tube lately? check the engine ground strap on the passenger side rear bracket and the two bolts that secure the crossover tube to the intake plenums.
The condition you described sounds more like a secondary ignition problem: plugs and plug wires. Have they been replaced lately? With the right parts? Oil in the plug wells?
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Scott
1991, 252K miles, glass hood, police grill, SVO shifter, Catz fogs,
K&N, 73mm MAF, Superchip, PP Y-pipe, Borla cat-back, 190 lph pump
Eibach/Tokico/polyurethane, SHO Shop front & rear strut braces,
16x7.5" Moda R1, 225/55ZR16 Bridgestone RE730, -1 deg camber x 4,
Class II hitch, Silver award at the SHOklahoma Car Show