Welcome to FSB ~ :thumbup
Unfortunatley you may not know how well/poorly the PO maintained the BKO so you're going to have to work thru problems that arise until you get it running but the vehicle has a computer you can tap into to help narrow your diagnosis for electronic and electronic issues, however there are no fault codes for FPR = fuel pressure regulator issues, it's vaccum so fuel pressure gauge would be required in order to test PSI.
Pulling Codes requires using either an OBD-I or II Ford Code Reader with diagnostic book to include "fault code number " explanations and costs $29.99 in most auto parts stores, worth it's weight in gold IMO or there's a "pulsing" technique using a paper clip if you don't mind killing brain cells. The test connectors for the Code Reader can be in different locations in the engine bay, mine are over on the right side behind the battery area off the harness Red/Tan in color.
For How To:
www.oldfuelinjection.com (formerly fordfuelinjection.com) has it all there.
At some point you should TEST the ignition module located either directly on the distributor referred to as a TFI = thick film integrated module OR module mounted somewhere in the engine by taking to an auto parts store to test FREE but several times for passing grade otherwise replace with Motorcraft.
Other parts to become familiar with are: TPS = throttle position sensor, IAC = idle air control sensor, ECT = engine cooling temp sensor and O2 = oxygen sensor ALL of which are fuel managers at "cold start" and normal operation in an EFI = electronic fuel injection system so you understand how they "relate" to each other for better performance.
Just a few thoughts! :beer
