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Up top you said "the plugs are getting spark when cranking".
Then the ICU must also be sending the required CPS-derived timing pulses to the FI ECU or the plugs wouldn't be "wet after cranking". The ICU pulses are also triggering the Ignition Amplifier (aka Power Stage), or there wouldn't be (verified?) "spark when cranking".
With fuel and spark, it should run (or at least try), unless the belt has jumped some teeth, causing a lack of compression. That's where I'd start, before getting into the main pump (without a pressure test), check valve, AMM, etc.
(BTW, the check valve is merely to aid "hot restarts' by preventing vapor lock from fuel rail boiling due to hot engine heat soak when shut off. The time spec is 1/2 normal pressure after 20 minutes, not overnight as many believe.)
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Bruce Young, '93 940-NA (current), 240s (one V8), 140s, 122s, since '63.
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