I would keep an eye on the oil to make sure that whatever problem caused it to milkshake the first time has been fixed.
Usually a backfire is a big loud bang, is it doing that or more of a intermittent lower level popping .
What happens when you try to bring the rpms up?
Did you ever check out the cam and lifters for wear ?
The milkshake was caused by the valley pan gasket breaching, leading to coolant leaking down into the valley and into the crank case. I think the gasket breached due to age and possible backfiring through the intake, since the coolant/oil mixture was NOT present when I first picked up the car. Cam lobes and lifters, like the rest of the internals, look remarkably good. Engine sounds strong... just off, and idles too high around 2000 RPM.
I haven't had a chance to bring the RPMs up yet. I let it run for 10-15 seconds then shut it down. The backfiring/misfiring tells me there is an issue, so I prefer not to let it run unchecked. I'm getting some bangs and popping.
Here's the course of action I'm going to take:
1) Check plug wires. Although new, one boot does not "click" onto the top of the plug.
2) Visually check crank sensor. Make sure it is still in place.
3) Check dip switches on MAF translator again. Just to make sure it is in the correct mode.
4) Adjust cam sensor. I purchased one of those cam sensor tools, but oddly the sensor's orientation is now about 15 degrees of where I was when first removed it. I've heard the sensor tool is not perfect.
5) Pull coil. I have a spare... maybe it has an issue.
6) Change plugs. I'm using NEW platinum plugs, but not the NGK UR5s... maybe that's part of the issue.
(Injectors are new, and were tested for operation (9V battery) before being installed.)
Here's a quick clip. This is with the down pipe and x-pipe OFF and the FPR vacuum ON. Cold start. Unfortunately, without the pipes on it's hard to hear the more subtle noises.
So am I being too sensitive, and let it run longer? Maybe it all just needs to warm up?