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You could use a bent paper clip for that for free. Just turn ignition on, engine not running. You should see the SES light on the dash. Then jumper A and B terminals under the dash (below radio on driver side, top two RH terminals) with the bent paper clip. Count the flashes. For example, if your CCC system is operating correctly, you should get the minimum of one flash (1), followed by 2 quick flashes (2) [put them together to get code 12- everything's cool]. It should roll through like 3 times, pause, then read any hard codes set three times, and when it goes to flashing code 12 again, you're done.
Watch this video to give you an idea of what to do. He doesn't explicitly show where to jump the A and B termninals, but trust me, it's the top two RH terminals.
Here's the pinout looking under the dash. Note A and B locations. Jumper those out with the paper clip to read the codes.
As far as a running scan tool, I use an old Actron 9185 that comes with the CP9190 kit which has OBD1 and early OBD2. I can also clear any codes with the Actron.
I also have a Brainmaster 3258 I use for scanning the computer as well. Easy to use. Scanners help with reading a lot more as to what parameters you have.
There's some Brainmasters on Ebay usually for fairly cheap. Make sure to get all the connectors. Kits are best. Still, if you're wanting to do M/C solenoid dwell, use an ANALOG dwell meter on 6 cyl setting for the best way to do that.
Here's one. A 3256. Has a dial on it for 82-86 Oldsmobile. Right up your alley.
If you can land a GM Tech 1 or 1a scanner for cheap, do so. They're very sweet to have, but they're also NOT cheap. You have to have the plug in modules for it as well.
Innova would love to sell you this for 25 bucks, but it's nothing but a glorified paperclip. You still have to read the flashes. STUPID. DO NOT RECOMMEND.