5.0 liter in a 93

I am having some major issues and I'm not sure on where to start. With the car just sitting there idling (idles rough, almost like it has a huge cam) and then rev'ing the motor up I lose RPM. I can rev it up to 3000 rpm and it'll drop to 2500 then right back up to 3000 and back down to 2500 etc etc, I changed the ignition module on the distributor and that didn't fix it, We noticed the car has a fuel regulator on it too which I'm hoping to take off soon but figured it wouldn't hurt to see what you guys thought.

Thanks in advanced