Ok so it has been a week since I installed the ignition kit from FCP Euro and here is my report. (new coil, spark plugs, coil and distributor leads, distributor rotor and distributor cap).
Day 0 (day the parts were installed)
Lambda light OFF
Starts up great, idles great, everything is good. No pops and bangs even when motor has been brought up to temp.
Day 1-7
Lambda light ON
Still starts up great on cold mornings, occasional misfire on sudden throttle depression at low rpm’s, even after reaching operating temperature.
Checked codes online to find that the Engine Coolant Temperature (ECT) code (signal missing or faulty) had been listed twice as well as an O2 sensor fault (signal missing or incorrect).
Checked the resistance on the ECT and found it was an open loop, no continuity or resistance value. It also has a bit of oil grime on the sensor which wouldn’t help. This is the ECT sensor correct? Under the intake manifold?

Also these are the spark plugs I took out when doing the ignition kit.

1 looked rich, 2 and 3 ok, 4 looked oily and rich.
Cylinder 4 (furthest right) may have picked up some of that grime due to me not being able to see the placement well on that cylinder