Hey Dean,
My Pro Touring Camaro had a leaky exhaust system, QTP electric cutouts (VERY LEAKY), and race headers with slip on collectors. It leaked like a sieve, you could see gas leak marks. I had the exact problem you're having. I had two O2 sensors, one in each collector, hooked up to two Edelbrock mixture LED's. The engine would go WAY lean after a high power run upon closing the throttles. BOOM!

Sounded like a 30.06

, lots of fun scaring the pedestrians.
I don't know 48IDA's that well but Holley's I'm pretty good with, anyway I installed smaller Idle air bleeds on all 4 corners, removed the slip-ons and re-installed with red RTV to minimize leakage. The problem only showed up once in a while after that.
I think its the leaks at your slip on collectors/idle emulsion.
Best regards,
Scott