Okay, problem fixed!!!
It was a bad connection on the ECU harness where it connects to the engine harness by the battery. Played with the pins a little and cleaned up the sockets and now no CEL and I am getting lean burn!
Found out about the cruise control light as well... ends up the Federal P07 ECU supports a shift indicator light which my instrument cluster does not have. Guess I will be looking for a proper VX federal instrument cluster next.
By the way, I will be listing a barely used O2 sensor (5-wire) on the classifieds section. LOL