The FI relay is relatively new and worked in my '88 245 wagon just fine.
I bet that tommorrow I will go to start her and she will start right up. we'll see. This is what usually happens. I think I flooded the engine trying to start her and that is why she won't catch after cranking the engine for a few seconds.
I have the green manuals for this year 240 and I will do the tests you suggested tommorrow to confirm the test values.

I didn't replace the 25 amp fuse holder but the contacts are relatively clean.
Tommorrow I will just cut it out and replace with a sealed fuse holder.

It has a new Bosch super coil and the contacts were cleaned on the wires going to the coil. The wiring harness appears to be OK. I know that '88 was the first year for the updated harness.

I drove this car for 11 years and only did minimal maintenance. Now she's making me pay for it. She has one of the cleanest engine bays you'll ever see because I have torn her apart fixing almost all of her ailments.