86 is a true flattop forged piston where the 87-92 have 4 valve reliefs in it. I used to run factory stock NRMA back in the day and these were the ones to have. All you need to do is fly cut the pistons to fit the valves. With a GT40P head those pistons would work great!
As for your other issue make sure you take all the emmision stuff out but do not unplug the EGR sensor; just leave it there. It will set a secondary code but not a primary so you MIL light should be off. As for the rest of the emmision junk, lose all the stuff behind the passenger fender & the evap can. There are two vaccuum solenoids and some other stuff that can all go. There is also two vaccuum resivors in the inner fender that can go. The charcoal canister on the right front rail can go too. The fuel tank vent is there; I usually just inplug it and run it into the fender.
As for the 02's - does it run OK at WOT? In WOT, the ecu goes into open loop and does not correct for the 02 sensor. If you really want to see if its them; unplugg the harness (not at the o2, this will set the code. must be the main plug) and it will force it into open loop all the time with no codes but will kill your mileage.
Hope this helps!
PS If you set the timing make sure to pull the spout!