I Need MAJOR HELP with loss of power on my 8 (archive)

I have a 91 850i with 125,000 miles Automatic,
When I floor my car or put the petal to the metal (as some say) my car seems to hesitate on taking off, and sometimes it'll kick into the "auto trans safe mode".
Also I noticed that sometimes in the morning when I start my car it has no power and the "auto trans fail safe" comes on and when I start excellerating, smoke with an electrical smell comes out the right exhaust, so I shut my car off, open & close the door and start it up again and everything is fine & the smoke is gone (sometimes I have to stop and start the car several times before it goes back to normal). Also once in a great while my idle will rev up & down by itself for a couple of minutes & then return back to normal.

I know its not just a simple tune up problem because I just changed all my sparkplug wires, distributor caps, rotors and I put 4 head platinum tip sparkplugs in. I dont have a blown headgasket or a crack in my block/head and I'm not burning oil. I don't see my EML light coming on when this happens, so I'm not sure if its my DK Plates/Throttle Bodies, Servos, Idle Control or my EML. I guess I could spend thousands of dollars to replace all these parts and my problem could be or not be solved, but I rather here some feedback from my friends at the board first before I do that.

Any Clue on what it could be? Thanks in Advance, Big Jaz

Follow Ups:

A couple of things to try............ Steve Cohen 09:53 7/08/2001 (0)
triple check s plug wires and pickup sensor... Loren 01:10 7/08/2001 (3)
- Also check cam position (pulse) sensors Stan C. 08:13 7/08/2001 (2)
  - Stan & Steve, what about O2 sensors?.......... Kurt.G 12:54 7/08/2001 (0)
  - I Replaced the 2 Cam Sensors last month. Big Jaz 12:20 7/08/2001 (0)
Fuel pump(s) Mark in SBA 00:19 7/08/2001 (3)
- I changed the Fuel filters & Pumps already Big Jaz 00:27 7/08/2001 (2)
  - Clean Throttle's, plates, change Dist. Caps, Coils Kurt.G 01:40 7/08/2001 (1)
    - Re: Clean Throttle's, plates, change Dist. Caps, C Big Jaz 01:53 7/08/2001 (0)

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