Nate, if I had $15 for every time someone with a corroded battery terminal replaced the whole ignition system guessing at faults, I'd be richer than the Orange Guy.
Another unmentioned common fault is a blown fuel pressure regulator causing off-idle hesitation.
Yeah but there's a lot of mechanics who have $200 for every time a standard sensor failure happens. Haha.
I love the guesses here though. At least one of the items most of the lists given don't even exist on this 16 year old four banger.
The knock sensor meets the currently known symptoms and if he'd grab the codes it'd be a more solid diagnosis. There's even two bad knock sensor codes that can be set, besides the nearly useless per-cylinder misfire codes.
Here's a question: Is it starting harder than usual? It's subtle but if it's cranking another turn or two at every start, the exhaust smells rich at cold idle, and it's lost a marginal amount of MPG...
This type of stuff is one of the reasons I calculate MPG on these old vehicles. Sensor problems show up there first, usually with little other in the way of symptoms. Even totally brain dead ECUs like this old one, back off the timing and add fuel when they're being told the wrong things by sensors. In the 1999-2000 era, the entire purpose of the silly things was to squeak out a few MPG for the EPA numbers on the fleets.
These older motors run just fine without all this stuff tacked on, not so on newer stuff really as they pushed the numbers higher, and they limp around burning too much fuel but otherwise run fine with some hard-to-notice power loss, when they're being lied to by a sensor.
And the sensor quality isn't great. Even the Japanese saved pennies on them to keep costs down, so they just don't last 15+ years.
The flashing CEL tells you it thinks its misfiring bad enough that it shouldn't be driven, and if it's not actually misfiring or acting that bad, it's the knock sensor saying it's knocking when it's not.
If it's obviously misfiring, felt in the vehicle, I'll agree with the knock sensor naysayers and say all bets are off.
There's just not much that can trigger a flashing CEL saying "pull this thing over and stop running it now!" that doesn't actually feel wrong in the car, other than sluggish acceleration.
Mass airflow doesn't flash the CEL, it's not considered an emergency state. Same with throttle position which will usually feel like "dead spots" or "surging" in the bad portion of the potentiometer range... again not usually going to set a flashing CEL. Same with O2 sensors. They'll fail toward rich in this vehicle.
And an actual misfire that flashes the CEL is usually a lot more obvious than just sluggishness from idle. It'll behave worse than the description and probably shouldn't be driven. If it's really missing you'll usually know it on an underpowered four banger. Especially at WOT on a hill.
It'll be interesting to see what he finds. My money is staying on the knock sensor.