Depending on how soon after the fuel pump ran last before you disconnected the line, it's entirely possible for pressure to remain in the system with the pump off.
Okay, so we've got spark and fuel. Question now is do we have enough?
I'm not sure what you mean when you mention "air going to the engine" when the fuel pump is running. Where is this noise coming from specifically? I'm assuming that the engine is not running when this occurs, is that correct?
I'm kinda at a loss here. I can't think of anything off the top of my head that would be keeping you from running. I'd hate to have you running around chasing wild guesses, but at this point unless someone with a higher Ford IQ chimes in, that may be where we're headed.
Let's look at what all there is in the fuel system and rule out things we already know are good or don't matter.
Fuel - got some... 10% ethanol blend
Fuel pump - works, visually verified
Fuel filter - new
Fuel lines - rubber from tank to pump and from pump to filter. hard line from filter to engine compartment, plastic from hard line to rail.
Fuel pump pulse dampener - ?? That's the canister looking thing on the high pressure side plastic line between the hard line and the fuel rail. I don't know the material used inside so I can't tell you if it's ethanol compatible or not.
Fuel rail - it's there, and doesn't leak, that's all that counts.
Fuel pressure regulator - I wonder about the diaphragm inside, If it were to fail, fuel would be present in the vaccum line that attaches to it. Could be ethanol or just plain old age related. Pull the vacuum line off and see if there's fuel there (it shouldn't be)
You know you have fuel pressure at the filter. Let's see if you have it at the rail too. You know where your fuel lines come into the engine compartment on the driver's side towards the back of the inner fender right? There's two lines there, one is the feeder(high pressure) and is the larger of the two, the other is return back to the tank. Disconnect the return line, and point it into a container in a way that you don't get fuel everywhere, and cycle the pump. You should get something if the fuel is making the trip.
A clean way to do this would be with a fuel pressure test gauge on the schrader valve at the fuel rail, but Not everyone has one and if you're rural, getting one might be a PITA.
I'm going to check a few things on my '91 (same basic deal) and see what I come up with. I'm trying to help as best I can, but I don't know everything. I'm hoping someone jumps in here and impresses us both.

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