Well guys/girls bad news from me!
It turns out that my exhaust leak is from a cracked header (manifold) at cylinder #5!
Also my engine miss is from a bad cylinder! I did a compression check last night, and these are my results:
Cylinder 1: 120; 2: 110; 3: 110; 4: 120; 5: 100; 6: 50!
According to this I've got a bad valve!
I've got a little white smoke out the tail pipe and all the old plugs were light tan which all shows that the engine is running at the right heat range. A new LH Header from GM is $470 CDN MY COST!
There is no aftermarket headers for my car yet except for performance Series II engines.
As for the bad valve my only option is to rebuild the whole engine (which only has 156,000 KM) or ride it out!
I will be looking for a used 92 L27 Series I 3800 NA starting Monday at work. This way I may be able to replace the header & cylinder head only for the time being!