Does your LE have fuel injection? If it does... then, yes... I believe that there is a "Limp Mode." If it has carbs... then no.
If it went into limp mode, once the error was cleared... it should return to normal. There is one problem though. When it goes into limp mode... it cuts fuel to one cyclender... and in turn... oil doesn't mix into it. Also... since your oil went low... there could just be damage to the engine. I would start by checking the compression in both jugs.
Sorry I could be more help.