If its fuel injected, reading plugs is not an accurate way of determining whether or nor the engine is running lean unless you do a full throttle run, then immediately shut down the engine and check the plugs. EFI mustangs tend to run lean and have white plugs at idle and part throttle cruise to get the engine warm quicker, to reduce fuel usage, and for emissions. The only way to know for sure if the engine is running lean is by using a wide band O2.
A fuel pressure regulator is a band aid what wont work for long because the computer will adjust out any small changes in the fuel pressure, by adjusting the fuel injector duty cycle.