I'm no mechanic, but overheating, exhaust in the oil and gunk in the coolant sounds a lot like headgasket failure.
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Subaru ECU and TCU Website
1992 Alcyone SVX Version L
1992 Alcyone SVX Version L
1994 Alcyone SVX S40-II
2004 Subaru Legacy 2.5 SE Sports Tourer
1996 Subaru Legacy 2.2 GX Wagon
1988 Subaru Justy J12 SL-II