Can someone explain to me what symptoms I could expect with a faulty fuel regulator on a 5.0L V8 ?? Would the car miss slightly on gunning the throttle and then even out ? Seperate from this issue... I was performing the diagnostics tests using an LED and noticed that the digits were shown as 0.5 seconds off ...i.e: the LED was on constantly and blinked off to indicate a digit..do I have the wrong terminal or have a ballsed up somewhere...curious... !!

A bad fuel reg would typically result in leaning out high in the rev range, not just on tip in throttle. The EEC is programed to stay lean for the first 4 seconds of heavy throttle and this can often cause a miss, especially if something else in the engine is not quite right. I would check spark plugs and leads first (easy), and then set timing and clean the MAF.