Snoop,.
I suspect that the fuel pressure regular may be part of the fuel pump in the gas tank since there is no return fuel line. If the regulator is part of the pump assembly, the excess fuel pressure drains into the tank and probably the cause of the hard starting problem in the early Gen-1 Sport Tracs.
I am curious as to your different descriptions of the problem. First you say that the pressure is over 60 PSI which is normal, then you say it's way over 60 PSI? I don't know what the exact pressure range should be, but many fuel pumps for injected enginces can have normal pressure ranges that vary by 20 PSI.
...Rich