92 mustang will not run

92 mustang lx 5.0 automatic . 35,000 original miles, with no engine mods . Engine is all original stock , except for new fuel system , including fuel lines , tank, sending unit, fuel pump, filter and regulator . Also the cats are gone and replaced with a off road h-pipe . Cranks strong , runs for a second and dies.
Tests done : diagnostic pulled no codes. Fuel pressure test gave me 39-40 lbs of pressure to the rail , with no change upon cranking the engine. Checked , cleaned the IAC valve. Changed the distributor module . Tested the spark . Cap , rotor , and wires have good spark. Rotor is moving fine and positioned in the right spot. Cleaned the MAF sensor , replaced the MAF Sensor as well. Changed the spark plugs . Tested the TPS. There is fuel getting to the cylinders as the plugs have gas residue . No oil on the plugs though. Ruled out the timing chain , as there is no noise or rattling ,and it's not likely to snap on a car with such low mileage . There was no prior trouble or warning signs such as bad idle , smoke or leaks. Cleaned the car up for an upcoming show , the car was running fine , then decided to her out for a quick spin before leaving . Ran fine until I got on the highway and tried to open her up , and there was no power . Felt bogged down . I pulled over after about a mile to turn around , and she stalled . No smoke or fluids visible at any point , but The Engine stayed burning hot for over an hour . Had it towed home , and it Hasn't run since . Cranks , starts briefly , runs rough for a second or 2 , then dies . Out of nowhere . Car ran perfect . The only thing I can think of is maybe the EGR ? Or maybe the fuel pressure regulator went bad? Not sure if that part going bad would prevent a start ...any ideas? Am I missing something?

can you keep it running on alternative fuel?? have someone start her up and see if she will run for as long you add alternative fuel. i think that could be another issue the egr stuck open... does this car have a security system? fords pats

Tried spraying starting fluid into the air intake , but it brought the same result . However didn't do it while someone else was cranking the engine . Will give it a shot. There is no security system . Like I said , car was running perfect with absolutely no trouble or warning signs before this .

I like Cheryl's idea of adding carb cleaner to see if it keeps running. I'd couple that with check for injector pulse.

I own a 91 GT that will still have the factory engine in it another couple weeks if you need to compare sensor voltages or something.

I'm gonna give it try. If it works , I guess maybe the EGR is bad?

Well, you threw about every part at it so far.....lol jk.
what does the compression look like on all the cylinders?

If this was happening where I live I would suspect misfueling ie. - diesel in the tank. but that is less likely in the US
However a question is the engine firing but dying as soon as the key is released from the crank position?

maybe a bad ignition switch.

cheryl hartkorn wrote: maybe a bad ignition switch.

My thinking, same symptoms we used to see with a burned out ignition ballast resistor

Update:
As it turns out , the only thing I didn't look at was the fuel pressure regulator , because I had thought it was new for some reason . I decided I would take a look at it anyway , since I tried everything else , and the alternative after that would be jumped timing . As it turns out I was wrong , because the fuel pressure regulator tured out to be factory original . So I changed it out since I now had access to it after taking out the whole throttle body and air intake. Figured it was a longshot at this point , but you never know . Turns out this was the the problem all along . By the regulator being bad , Too much fuel was flooding her out and she wouldn't run. Now she runs like a Swiss watch . Go figure . Thank you all for your thoughts and suggestions . It was much appreciated.