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The Solenoid can be found by tracing your Red Lead off the battery. It's on the bay wall. I doubt having a bad one will cause you to run poorly. If the solenoid goes bad, you probably won't be able to start the thing, anyway. (Check the $8 Bronco thread for more info about those.)
If the Emissions light is on, check the Catalytic Converter. Those are designed to collect the engine exhaust, and they will clog. (If it's been 19 years since a new one's been put on, that your most likely suspect.) As you know, the engine is all about backpressure on the exhaust manifold. When the Cat clogs up, you have too much backpressure for the engine to run.
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