i had the same exact problem with my 93.
-I bought the truck knowing of the problem.
-Check Engine Light went on and off a lot.
-Got new complete exhaust system, headers, duals, nice. (FAILED to replace 02 Sensor)
-Check engine light failed to come on for a while and my truck started to bog down at a stop and sometimes stall.
-black smoke would blow at idle and when i rev, oil burning was a little on the high side, a quart every thousand miles
-got tired of the horrible gas mileage, so took it to my mechanic
-check engine light came on seldom
-mechanic thought he had the problem fixed, test drove it, only to realize he didn't.
-the culprit= 02 sensor. it was old, and stuck, so the computer always read it as too lean, always pumping more gas in, bogging the engine down, blowing black smoke.
-due to frequent oil burning and a slight knock, i switched from 10w-30 to 20w-50, and have had no smoke problems since