You know, me and the woman had a discussion about this, she drove #5 (97 XJ) till the engine shut down trying to make it home (another 10mi), warped head no or low compression #3, engine toast....well head gasket at the least, and possibly the head if its cracked.
Gauges and flashing lights mean something....not that it can go another ten miles or in her case six.
Sounds like you gettin too much fuel, suggest you look at the MAP sensor on the TB, be sure it's hooked up proper, and have you done O2 sensors lately? or ever?