http://i106.photobucket.com/albums/m...e/DSCF4020.jpg

what hes touching with the rag

Ok so now Im SOL again. Ive replaced the plugs and wires as well as that regulator, started up and ran great, I let it run for a bit then took it down the road, It bogged down a couple of times then just shut off and wont start again...Im at a complete loss now (getting some white/bluish smoke again from exhaust, but oil is clear)

now it sounds like you have a cracked intake manifold, just about every na 3.8 has had to replace it, i would check out the plugs and see if anything comes out if you hit the starter with the plugs removed.
the intake man. is a plastic composite that breaks down with heat and time and ends up leaking and or cracking

https://www.gmforum.com/mechanical-134/uim-lim-gaskets-l36-297702/

that is the gaskets you would likely have those and the manifold to replace