That's a good idea Garrett, and that's how I knew my old pump was not providing enough flow at pressure. If the regulator is stuck open, you'll not see much fuel pressure at all. More likely it's just not responding to manifold pressure. You should see fuel pressure rise with boost, exactly 1 psi per pound of boost over your baseline pressure.
Yes, for a factory ECU that measures the air. All that is needed is to match the mass of the air with the appropriate amount of fuel. Anything else is a bandaid.
An AFM "swing door" approximates the air flow, and with preset corrections, it is calculated to an equivalent mass. It's not very accurate, but it works to a certain degree. The Z31 unit measures air mass, and fuels dead accurately. That's exactly what I explained above.
Maybe you need to re-do your math; it's the real world results that count and the math's job to explain it. There are more than 5 people on this forum that have made 300hp with stock injectors and fuel pressure, and safely, so you telling me it can't be done carries no weight.