SHOSPEED93,
I have to go with TWRSHO, he knows his SHOs. The new plugs, wires, and plugwell seals should solve the misfires.
The O-2 sensor should be replaced if it has 50K or more on it. Check the connections on the O-2 sensor, clear the codes, then recheck for the O-2 code. If it codes again, replace it.
The throttle position sensor (TPS) is a potentiometer (spelling?). Like the dash light dimmer switch, it varies the voltage as you move it from closed throttle to wide open throttle.
Given your O-2 AND TPS codes, along with your plug wire problems, you may be "popping" some unburned fuel. This may be the backfire like sounds you here. Terry, does that sound plausable? I've never run into this.
At closed throttle it sends about .3 volts to the computer. At wide open throttle the maximum voltage it should send is 5 volts. You can test it with a meter, and I can dig up the test proceedure if you are interested.
That having been said, usually if the TPS puts out to much voltage it needs to be replaced. This is not usually a connection problem. The TPS can develop a "wear" spot in the normal cruising range, say 2200 to 2700 RPM. I read that this problem has been resolved in the newer designed TPS.
I know Ford has made improvements in the TPS design. Terry, Steve, and any others, do you know if the newer design TPS can be used on the older generation SHOs? Do they all use the same TPS so that any replacement will be the redesigned version? Hope this helps, rangerj thumbs_u