I'll chime in to confirm some stuff.
The Explorer system is wasted spark always, and also performs MSD in some cases. The ignition signal is based on the crank sensor only. The cam sensor is used for injector firing only. It only tells the PCM if the engine is on the compression stroke or not so that it knows when to fire the injectors in relation to the crank sensor. If the cam sensor signal is missing or faulty the computer will default to batch-firing the injectors. It will still run, just not sequentially.
I give the spec of 65psi for the returnless system based on some engineering documents I have and some references to 65 in the internal tables in the software. I have service manuals that spec at both 60 and 65. I'd rather leave you with a computer that pulls a little fuel out on fuel trims than one that tries to add it. Having said that, there have been local people using the Corvette filter that regulates to 58 that have no issues with it. They typically only run a couple of percent high on long-term fuel trims. Well within the computer's ability to adjust.
The part on the fuel rail that looks like a regulator on the returnless system is both a dampener and an accumulator. It is used to smooth out the spikes in fuel pressure when an injector closes. The engineers refer to this as the "Hydro-Hammer-Effect". Also when you crack the throttle and the vacuum drops it allows the diaphragm in it to lower and push accumulated fuel back into the rail to lessen any sudden drops in pressure. This is all necessary because the actual regulator is back in the tank. The computer calculates manifold pressure on its own and adjusts the firing time of the injector to compensate rather than having a regulator adjust fuel pressure in reference to vacuum.
Unplugging the MAF makes it run in a limp mode where it uses TPS vs RPM to calculate fuel based on a failure table. When it will run this way but not with the MAF plugged in then it is usually a sign of a bad MAF or a massive vacuum leak. In the OP's case, I believe it's a sign that the PCV system is not plumbed correctly. I do not see a hose between the MAF and throttle body that runs to the valve cover. That hose is the fresh air side of the PCV system. Without it, the air being sucked out of the crankcase by the PCV is not measured by the MAF. This would give the same symptom as a massive vacuum leak.
Correct that and if you still have issues grab an OBDlinkMX+, or a Vgate Vlinker FS, and a Windows laptop and give me a call. I'd be happy to remote in and give it a look-see.