As far as I know the EEC is not connected to the fuel pressure regulator so if it is failing it will not trigger an EEC fault code or the 'check engine' light. I think the only way to properly diagnose the regulator (outside of an outright failure) is by using a fuel pressure testing rig. You can get one at Pep Boys or Kragen/Chief for about $45. Do a search of this site to find the other posts on the regulator and that might give you a clue. Mine failed all at once, as follows.
The regulator on my Bronco II failed completely and I got no EEC code or check engine light. What it did do was hydraulic-lock the engine by filling the entire engine full of gasoline. The diaphragm got a small hole in it, thus causing engine vacuum to suck gas directly into the upper intake manifold until the whole thing was filled with gas.
I went out to start the truck one day, it ran for about 10 seconds and then a large THUMP and the motor suddenly died. Then the motor wouldn't even turn over. I thought it had thrown a rod or busted the crank, or something. So before I panicked, I pulled all the plugs, cranked the motor and gas shot EVERYWHERE. So I got to thinking - the only way gas can get into there is through the vacuum system, and the only connection between the vacuum system and the manifold is the fuel pressure regulator. Replaced it and it started right up. Changed the oil twice since it had gotten contaminated with gas. The whole exhaust system had also filled with gas so when I drove it the first few miles I looked like a mosquito fogger. I drained out about two gallons of gas-contaminated oil - looked just like the stuff you put in your dirt bike.