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Everything seems OK in your outline above and responses below. Maybe the following sequence will help locate the problem. I've eliminated the Bosch elements to hopefully simplify it for Rex-Regina consideration. It assumes that basic timing and compression are correct.
Hope this helps.
REX-Regina Start-Run Sequence
1) During starter cranking, the Crank Position Sensor sends timing pulses to the REX Ignition Control Unit.
2-a) The ICU uses these CPS pulses to trigger the Power Stage (aka Ignition Amplifier), which initiates spark from the coil.
2-b) At the same time, The ICU also propagates the pulses to the Regina FI ECU, to allow FI operation (no ICU pulses means no FI operation).
3-a) The Fuel Injection (System*) relay (previously energized at Key On) powers the IAC valve, ECU, Radio suppression Relay (supplies Injector voltage), and Fuel (pump) relay coil + side.
* The System relay is in the white case with the Fuel relay.
3-b) When ICU pulses are received by the FI ECU, it "energizes" the Fuel relay by grounding the relay coil (– side) to run the fuel pumps.
When all these things work, the engine runs until the Ignition is switched off, which in turn shuts down the FI system.
Determining whether or not there is spark at the plugs (2a) — and whether or not the plugs are getting gas (3b) — makes a good no-start "starting" point.
For example, if 2a fails due to a bad Power Stage/Amplifier, there will be a no-start with gas-wet plugs. If 2b fails (practically never) symptoms will be Fuel-related: a no-start with spark at the plugs, but plugs remain dry.
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Bruce Young, '93 940-NA (current), 240s (one V8), 140s, 122s, since '63.
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