Bizarre problem with '90 325i (archive)

Here's the scenario: I'm driving along when suddenly the engine has no power. I find myself coasting. The ABS light comes on. The RPM gauge drops to zero, but I can still hear the engine turning. If I give it more gas, it revs slightly (not enough to register on the gauge) and the check engine light flickers. Then, one of two things happens: I pull over and stop, the engine dies entirely, and it is difficult to restart for a few minutes; or I continue coasting and the engine comes back to life on its own!

The first manifestation of this weird behavior was a couple months ago. I was doing about 65MPH when the ABS light flashed and I felt a tug as if I'd let off the gas suddenly. Until this week, it hadn't happened again.

I have some obvious ideas: something wrong with the braking system (my brake fluid is overdue to be changed), a fuel flow problem (replaced a dead pump a year ago; maybe a blocked line?), or ignition failure (no apparent electrical problems with the car, battery maybe a little weak, hard starting sometimes). I've replaced most of the vacuum lines since I've owned the car, but I suspect there are still a few leaks. I just had the valve cover off a couple weeks ago, but there's no evidence of oil around the new gasket.

Any ideas?

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