no pressure?

Hello, I have a 88gt 5.0, did recent tune up..plugs, wires, fuel filter, bumped up the timing a notch. Car was running great for a month or so..up untill the last week I was noticing the car was missing under load. I stopped off for gas today..and on my way home the car started missing, backfiring..terribly. The car stalled and I was able to start it back up, and limped it home. Fuel pump is priming for a second or so..however I depressed the schrader valve and it just drooled out a little fuel. So I am under the assumption that it is getting no pressure. Car will start, but then idles rough..and eventually dies.

Any Suggestions? Fuel pump, regulator, filter?...
Thanks

Piece of plastic found inside distributor

update..I found a plastic piece that came off of a corner of a part inside of the distributor..along with some shaving dust at the bottom..it has a post on it that secures it to a metal stationary tab that comes off of the side..this part now moves about a half a inch from side to side. what is that part called? Could it be the culprit?

re

Yes..that sounds like it. Would it cause problems bad enoungh to keep my car from idling?