Well, I am by no means an expert at this but let me tell you my experience from the last 2 days. Yesterday, went on a trip (150 miles roundtrip) and after stopping for a couple of hours and then getting ready to start back, I also smelled gas from around the engine compartment. After a few minutes, the smell stopped. Came back home and no more smells.
Started to work this morning, and the check engine light came on (for the 1st time) about 2 minutes from work...had been driving about 15-20 minutes. Got to work, shut off the engine and restarted engine...no light. Left work this afternoon and drove home (15 minutes) still no check engine light. ??????? Invaded by Martians????
Figured from postings I have seen that it must be fuel pressure regulator so I decided to check prices. Called local Ford dealer and they wanted to know calibration code...time to scratch...head. Asked where it was at and he told me on a sticker on the door. Went out and looked and all I found was the tire pressures and VIN code. He then decided to tell me to check on the door post around the striker plate (where the door closes). Found it and told him. He then told me he showed 2 different part #s and I would have to bring the old one in. He said the price was $134 for one and $143 for the other, just depending on which one it uses. I can already tell, it will be the $143 one...never lucky enough for the cheaper one. He said he could let me have the $134 one for $85 or the $143 one for $90...what a nice guy, I don't know him from Adam. Decided to call Autozone and Advance and they gave me prices of $72.99 and $73.99 and never asked for a calibration code. Moral of the story...Ford must be willing to be competitive if they automatically cut the price by 35% without even asking or they are already buying these things for next to nothing. Of course I will not complain.
As for your delay in starting, I have had mine for about 6 months and it has never started in less than 3-5 seconds of cranking, hot or cold. I had thought maybe the regulator may be letting the pressure bleed off quickly when the engine is shut down and this delay is just what is required to let the fuel pump build the pressure back when restarting. Have a friend who has a 92 model and he said it takes his 3-5 seconds to start also and has ever since it was new.
I have not looked at my tailpipe to see if it is black from a rich fuel mixture but have been wondering why my MPG seems to be slowly dropping. Best I have ever got was 18.5 but recently have been getting around 16.
I too have been wondering how hard it is to replace. I have not seen much about it in the aftermarket service manuals.
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Ira
91 XLT 4x4