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no, the fuel pressure regulator is not behind the ash tray. what you're thinking of is the fuel pump relay. :)
the fuel pressure regulator is located near the fuel rail. in fact, it should be bolted to it i believe. here's a picture of it:

yours is probably not as shiny since it's not brand spanking new. in any case, one line comes off the fuel rail. another line is the return line and goes down and back towards your fuel tank.
and the smallest line i believe should be the vacuum line. pull that one and see if fuel comes out. it's okay if it smells a tiny bit like fuel, but there shouldn't be any dripping out. be careful when you yank this while the car is running. have a cloth on hand just in case it squirts. if it squirts, plug it back up immediately and shut off the car. :)
taking apart the throttle body isn't too bad. sure, go for it. when i did mine, it was pretty crudded up.
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Kenric Tam 1990 Volvo 740 base sedan (B230F) My Volvo 'Project'
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