What codes did you get from the stomp test? I have an original crank sensor with 276k miles on it, they're too expensive to toss a good one. I'd suspect you have a sensor problem too, but the crank sensor will stop the fuel pump if it's bad. I had to clean it recently, might just be you have oil & rust interfering with the crank trigger signal.
You're getting this at wide-open throttle, I'm guessing? If so, the DME ignores the O2 sensor (goes open-loop) and guesses what you need from the coolant temp & AFM flap. When the motor is fully warm the cam PS gets to be more important too...sets aggressive timing. If you have an e36 you might also have trouble with the knock sensor. If either are retarding the spark timing you'll have a noticeable power loss. Test the TPS too - might not be sending the WOT signal to the DME.
If this isn't at WOT, I'd go down the list for all the stuff that leans out the mixture closed-loop (warm engine, partial throttle) from easiest to hardest:
stomp test, test any component it flags
ohm out the crank & cam PS
ohm out the coolant temp sensor
ohm out the AFM flap and temp sensor
If that's all OK, look for vac leaks
clean the ICV
check the throttle cable & linkage
If they're all OK, try the fuel system next.
dirty injectors
bad fuel filter
weak fuel pump connectors or relay