fuel pressure regulators are damned near useless....the computer compensates for changes made with the fuel pressure regulator.
The 87s came with speed density, not mass air.
A speed density system relies on a steady high vacuum signal to the map sensor on the firewall. The computer uses the vacuum signal essentially to know how far you have your foot buried into the gas.
See, a stock cammed 5.0 will put out on average 17-20 pounds of vacuum at idle. I've got the same b303 cam that you have, and I put out around 11 pounds at idle.
The stupid speed density computer is looking at the 11 pounds of vacuum that your engine is making at idle, so it's thinking you have your foot buried in the gas, and the computer is screaming, more fuel, more fuel!!!!
do a search on mass air conversion...this will fix your problem. It requires a new computer and some simple wiring and a mass air meter. It is a pretty simple swap