2.9l with fule in oil...
 

About two ywers ago, I bought a '84 ranger with a 2.9l conversion and only 94,000 miles on the chassis. since then I have put only 4,000 miles it. Last month, I drove it to work and when I started out of the parking lot, the truck died and would not start. I found out the Ignition Control Module was to be blaimed. I replaced it and when I was adjusting the timing, found it has developed a miss fire. I consulted some local mechanics and they all said it was more likely a dirty plug and i should just drive it and it would clear up. The truck never ran bad until now.

When it is cold, the truck will run like youd expect with no problems. However when it warms up, it runs very slugish and at the slightest hill it will become a gutless pos. I checked the oil as soon as this started and found there is a substantial amount of fule in the oil. My question here is are these two issues related to the miss fire and was I wrong to listen to those who told me to "just drive it will clear it's self up"?

Yes, you were wrong to listen to those "folks".

Misfire means the fuel isn't burned up so some goes out the exhaust and some goes down past the rings.

I would remove each spark plug and find the one that is discolored, thats the cylinder that is misfiring.
Check distributor cap to see if same cylinders contact is discolored.

Bad piston rings or a stuck injector.