The FPR on the fuel rail could be the problem, disconnect it's vacuum hose and plug it(so no vacuum leak), see if pressure comes up a bit.
You can also clamp the rubber Return line, being careful not to damage it, and see if pressure goes up to 35psi, if so then FPR is opening too much, bad spring or leaking seal.
Fuel pump being on should give plenty of pressure but hose from fuel pump to the top of the tank can leak, so you lose alot of that pressure and don't smell a leak because it is in the tank.
Fuel pumps tend to not come on at all when they fail, but I suppose they could start to run at a lower speed with lower pressure.
You could also check the voltage at the inertia switch in the cab, make sure it shows full 12volts when key is first turned on, if it is lower you could have corroded connection at fuel pump relay or fuse.