@el_freddo I regret to say that I gave you some misinformation.
O2 sensors WERE standard equipment on SPFI models. The Cali-spec used a 3-pin connector and the federal emissions (all the other states) used a 1-pin connector.
I got confused since I bought my GL with an exhaust system without an O2 sensor bung. My guess is that at some point someone put a carb exhaust on the car as these didn't always have O2 sensors.
Now I need to get an O2 sensor on my car. Which means welding up a new cat and splicing the wiring in that was removed. Hopefully now the car will get out of open-loop and I'll actually see above 22mpg.
I found the problem! Swapped throttle body top 2 layers. This include fuel pressure reg, IAC valve, and Injector. Runs fine now.
Since the regulator measured good, and the IAC was swapped earlier, I'm going with the injector is bad.