More info:
I used a stethoscope to listen to as many injectors as I could reach, all I could get to are firing.
I got another ECM from pick-n-pull. No change to symptoms.
My previous fuel pressure checks with diagnostic gauge were done with my Bronco parked and used dash gauge to monitor while driving. This afternoon, I parked my Bronco at the bottom of my driveway (approx 25 degree upslope) and connected the diagnostic FP gauge. On my last few test runs, I've been barely able to get up the driveway- basically had to let it idle up the driveway. With the external FP gauge attached and the engine loaded trying to go up the driveway, the fuel pressure would start at 34 but would begin to decrease (bleed off) if I applied throttle to get up the driveway. If I continued to applied throttle, the FP would continue to decrease well below 20. If I let off the throttle, the FP would slowly climb back to 35ish.
The fuel pump is an 80s F250 external high pressure EFI pump which should provide plenty of volume for my 302. I also tried a new pump and no difference. I don't have a fuel filter after the pump and I've tried running it without the fuel filter and it did not make a difference. I also pulled the pickup/sender out of the tank and I don't see anything that would be limiting fuel flow/volume.
I have not replaced the fuel pressure regulator so maybe that is worth a try.