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@150K, there is a Strong chance that you have low oil pressure. As such, there is a electronic oil pressure sending unit on the lower front right side of the block. Unplug it for a few seconds. If your check engine light goes away, theres your problem. I personally would hook up a $17 manual oil pressure guage just to be safe. As for the cruise controll problem, this is a common problem. just outside of the transmission, there is an electrical attachment to a vehicle speed sensor. Check both the wires leading into it and the connctions at the sensor itself. Replace at your descretion. As for the o2 sensor, it is possible, but not likely. o2 sensors will rarely set of a trouble code on an EFI motor unless you have a cylinder not firing.

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Q: Is there a fuse or fusible link in a 1988 Grand Marquis 50 for the cruise control?
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