Engine missfire - 2004 Ford Taurus

if the engine missfires this will case the check engine light to come on. a scan tool can tell you which cylinder is missfiring

Sounds like you have a flat camshaft lobe.

Replace the plug wires and retest, that should fix it.

Have you confirmed there is no oil pressure and the oil level is full on the dipstick?

The oil pump is turned by the oil pump drive located under the throttle body. The oil pump drive is run of from the cam shaft. It is not uncommon for the camshafts to break on these engines.

It may not be a bad idea to pull the front valve cover and turn the engine over by hand to see if all the rockers are moving.

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you may try your rotor button and distributor cap. and spark plug wires. try your map sensor also they tend to cause a lot of misfiring if they go bad.hope this helps.

you have a severe missfire thats why the light is blinking
the smoke and sound were the cat converter[s] glowing red hot from the missfire
dont drive it untill the missfire is fixed or youll ruin the cats[if not already] plus a good chance of fire exists

First 2 things i would check are first your plug wires. Your engine is telling you number 1 and number 8 are missfiring. Check your wires and the routing for the wires and next i would check the boots. If the boots get cracked or a hole in them they will missfire to the head thru the boot. check for routing on your plug wires. These engines will missfire if the wires are crossed. There may be a service bulletin on your engine for this. If you change the plug wires they need to be routed exaclty as they were before.

Have it checked for trouble codes sounds like it could be an injector problem or something as serious as a loose rocker,maybe try a crank&cam shaft position sensors

Have you checked the distr cap for cracks??

If plug is oily looking on brand new plug I would suspect worn rings, which would also explain the high PSI. (Motor job in the wind) Especially for 300K.

a blinking check engine light indicates a missfire in one or more engine cylinders, have a trouble code test run to determine which cylinder(s) is missfiring.