ok was just on oreillyautoparts.com, looked up the fuel pressure regulator for the 1998, it looks like this:
the 1999 does not have one, meaning the 99 has the the single line returnless fuel system with an intake fuel pressure regulator built on the pump. the fuel system on the 99 is different than the 98, however since you are using a 98 fuel system it does have an external regulator that looks like that, similar to my 93. first thing i would look at is the location of the regulator, on the fuel rail drivers side if im not mistaken, and look to see if the vacuum line is connected and no cracks on it all the way back to the vacuum fitting on your truck. if its loose/cracked/disconnected theres your answer. not saying thats what your problem is withoutadoubt but its a pretty good possibility. another thing you can do, disconnect the vacuum fitting and see if your fuel pressure changes at different rpm, then reconnect to see if its increasing or decreasing at different rpm. consult a manual and see if your fuel pressure is correct at idle and other rpm if there is a spec for that.
the only other thing i can think of is your o2s could be fouled/acting up or your engine just isnt using all the fuel from the different combustion chambers. if this is the case then its a tuning issue, might want to look into that. what original ranger was suggesting is that the 99 motor was not designed for the older fuel system meaning the tune is wrong. hopefully its just a disconnected hose or something simple.