I just went through trying to diagnose a fuel pressure prob last week on a d1 v8. in hindsight, beg/borrow/steal a fuel pressure gauge which has the appropriate fitting for the Schrader valve. Takes the guess work out of it. My pump was down and the regulator was knackered. your description of fuel exiting the Schrader valve was similar to mine so there’s a good chance it’s something to do with your problem.
My car would fire up then die within a few seconds. There was black smoke out the exhaust ie very rich. When tested for pressure it was around 50-55 psi so the reg was not releasing pressure. You say you’ve a strong smell petrol out the exhaust so if it’s like my situation then there’s a chance your reg is shot. I disconnected the line on the tank side of the regulator and when the pump was priming there was no fuel getting past the reg. there is not enough info in this test to tell you whether your reg is shot or your fuel pump can’t get up to pressure (based on my limited knowledge of how these things hang together!)
If you can’t get access to a fuel pressure gauge, here’s an option :
There is a commodore pump (VN?) which fits, I got one for $116 at repco. Pretty easy to change. (my car already had a hole cut in the carpet above the petrol tank access) There is a link in The Good Oil if I remember correctly so please check that plus there are a number of threads on it. the regulators are around $200 so swap in the new fuel pump and see where that leaves you first.


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