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Hi Tim, my name is Jason.
What is the history on this engine, when did it last make full power? Have you ever personally seen it make full power?
How old is the fuel?
Has a compression test been done? Has a spark output test been done?
Your fuel pressure is on the low side, are yo using an accurate fuel pressure gauge, such as a Snap On, Mac, Matco or OTC.... Or is it a harbor freight cheapie style gauge?
I get 41 to 45 psi as a spec. What service manual are you reading?
Have you checked compression and spark output?
I'm trying to help you. If you can't answer my questions then I can not help you. There is a method to troubleshooting these engines, if you do not follow the method then you can look at it until you are blue in the face and you will never get it fixed.