1990 Lumina concerns

Hey There,
I have been reading some of your posts and was impressed with your vast knowledge of the Lumina. I have just purchased a 1990 3.1L Euro Sedan with 67000 kms. and I have a few concerns I would like to address in the hopes of preventing future problems. If I could trouble you for a few minutes, I would appreciate any input you may have. Thanks in advance.
-when in park and I punch it, it revs to about 4500rpm and then sputters, doesn't cut out just stays there.
-there feels like gaps or slips in the transmission when going up hill and turning.
-oil gauge has a mind of its own and flicks back and forth all the time.

The car seems to run perfectly other than that, during normal operation it accerates and handles fine.

Thank You,
Polyjester

Welcome to AF, 1st why would you " wing" the engine in nuetral to begin with. There is a rev limter to prevent just what you did. 2cnd I would service the trans, but at 18 years old more than likely there are internal issues causing this. 3rd I would replace the oil pressure sender.

ok, rev limiter lesson learned, good to know it isn't anything wrong. Thank you.