So what exactly does the Econ Button on the ECC do?

I though it just slowed down the cooling(or heating) process to save a litttttle more gas, but since it got hotter outside i noticed that it just blows hot/warm air...

Doesn't turn the ac compressor on. Auto turns it on whenever it feels like it.

It'* essentally a "vent" function

thats kinda what i thought, the 'vent' thing, but over the winter in blew hot air in the mornings too

yes, it can still blow out heat

So what does the bi level function do?

1992 to 1993? Bonnevilles with ECC dont have a specific bi-level option, normally it will go into bi level mode around 24 celcius on the climate control...usually..mine would anyway...regardless. bi level just means floor and panel vents at the same time, divides up were the air is going.
I know on my 97 the Mode button will change the area of flow

Also on my car the ECON button does nothing when the defrost is engaged. The light will still stay on, but the compressor still engages as it should.

Even if you run with a split between defrost and floor heat it will still engage the compressor.

On ours, if you push defrost, the ECON light will go away.

I cant remember (it hasnt been cold in a while) but I think on mine when you push the actual "Front Defrost" button the ECON light will go off. But say if you are already on heat in ECON mode and cycle through to the Defrost/floor setting, the compressor will engage but the light stays on.