I would certainly put on a new fuel filter if you haven't already
The 45psi is a concern
In 1999 both the fuel pump and the fuel pressure regulator are on the same assembly in the gas tank, if either is failing then you will get the pressure drop on high demand(full throttle)
At wide open throttle computer doesn't use O2 sensors at all, just opens injectors for max power
Spark advance is less when fuel mix is richer, accelerating, but 12deg sound like too little advance, that would be a PCM(computer) issue in a 1999 Ranger
On OBD2 live data you should see TPS at 16-19% throttle closed
Then 90-93% throttle wide open
TPS is a 5volt sensor, expected voltage throttle closed is just under 1volt, so not quite 20% of 5volts
Wide open voltage is 4.5v or more, so 90%+, but never 100% that would mean something is wrong
I would use a vacuum gauge to test engine
18-20" is expected at idle
Raise RPMs up to 2,500(approx.) and hold, should drop then climb back up and stay steady, it is slowly dropping the longer you hold it, then you STILL have exhaust blockage(muffler?)
Check your air delivery system, i.e. air filter and box
Also there is an RPM limiter on all fuel injection computers, not a Ford thing
Usually its set for 3,000rpms
So try run in say 2nd gear up passed 3,000rpm to se if you have the same issue, so not a "throttle" issue its an RPM issue
Limiters are engage when trans is in Neutral or Speed is below 5mph