Too many replies to look at and go back to see what has been covered. However, the ECU is from a 94-95 Cobra. The computer is programmed for 24# injectors and the stock MAF. Fuel pressure KOEO should be at least 40 psi with a range from 38-42 psi or thereabouts. How about giving us a refresh on just the engine mods so we all have a common understanding of where we are starting from.
You said it was a external pump but I dont think you said what it was. My eliminator pump with key on it primes but then falls back to 0. It sounds to me like the pumps not flowing properly. Does it have a full 12v? Have you checked the filters?
You should not smell fuel from the vacuum line on the regulator, if you do the diaphragm is shot.