Sure could be.
But with a loose dipstick grounding stud, all bets are off until that's addressed.
The Renix era XJs and MJs were built with an under-engineered grounding system for the engine/transmission electronics. One problem in particular involves the multiple ground connection at the engine dipstick tube stud. A poor ground here can cause a multitude of driveabililty issues, wasted time, failed emission tests, and wasted money replacing components unnecessarily.
The components grounding at the dipstick tube stud are:
Distributor Sync Sensor, TCU main ground, TCU “Shift Point Logic”, Ignition control Module, Injectors, ECU main ground which other engine sensors ground through, Oxygen sensor, Knock Sensor, Cruise Control, and Transmission Sync signal. All extremely important stuff.