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Not quite sure what a fuel pressure sensor is unless you mean the regulator on the fuel rail? This sounds exactly like the failing fuel pump on the '89 I have been working on. Not enough pressure to prime but just enough to run. The only way to know to know for sure about that is to put a gauge on the fuel rail. It may be possible the fuel pump relay has failed and isn't activating the pump to prime. Can you hear the pump for a few seconds when the key is turned on?