Thanks for all the advice. After 'having' to drive the z around for the last few days, I finally got around to putting the Bonneville back together. I have posted pictures in my yahoo picture gallery. Didn't get around to doing the valve cover gaskets but will in a future weekend. While I had it apart, I did replace the thermostat with a 180 degree, cleaned the injectors and installed new seals (picture), cleaned the injector ports(picture), replaced the coolant bypass hose (and upgraded the fitting with a metal one -old one was leaking-picture), replaced some cracked vacuum lines, painted the upper intake red to match the car (picture) and flushed out the cooling system.
Good news! It doesn't leak coolant from the lower intake gaskets anymore. I think it also cleared up some vacuum leaks (probably from the lower intake gaskets and cracked hoses) as it has lost the low-load hessitation. Will see if it cured the oil burning problem.
I spent about $100 on various parts and supplies. Pretty easy job although for any viewers trying this at home, I would definitely recommend reattaching the wiring connectors to the temp sensors BEFORE you reinstall the upper manifold/thottle body assembly (unless you have small children at home that can reach under the throttle body to reconnect it for you!)
Pictures can be viewed at :