Well, first of all, I'll recommend verifying that all spark plugs are in good shape, and if the '92 is anything as bad as a '98 4.0 SOHC with A/C, he'd just want to swap them all for new ones, instead of putting them back in, just to have to change them after a few more miles. Also make sure to set the gap right.
If that doesn't work, he'd want to verify the O2 sensors, which can be done with an oscilloscope, or true RMS multimeter. I use a Fluke Scopemeter 125/S, but they're kinda expensive. If you're using a simple multimeter, remember that it HAS to be true RMS, otherwise the readings will be off. With an oscilloscope, you should verify that it cycles between 0.8v and 0.2v, around 0.45v average. With an RMS multimeter, you should just verify the reading to be around 0.45v. The sensor can get "stuck" in either state if broke, and this should become pretty clear using both methods, and require replacement. The sensor can also become clogged, causing incorrect readings. In this case, you can clean the sensors, which will improve performance.
Note that this testing has to be while the engine is running, and the exhaust pipe is *hot*, as you're pulling the plug and therefore disabling the heating element in the sensor. (The sensors doesn't work when cold, so make sure not to burn yourself on the exhaust.)
... And, as I said, the system should be able to survive with one bad sensor, but practically this doesn't work very well, and from experience, at least on Japanese and European cars, one bad lambda sensor is enough to make it choke/starve itself in idle. (The initial runtime may be fine, but that's because it's using a preset while the sensors are heating up. When the sensors are ready, it will stop using the "safe mode", and run by the sensor readings, which also gives worn down spark plugs more of an issue, due to the limits being approached.)
Resumé: Do the spark plugs, then start looking into the O2-sensors. It's bothersome to verify them, but seeing we were on the topic of "save $$", he might just as well give it a try.
