My 4.9 is running very rich. I can smell the fuel and the mileage is below 10.

I read the engine data at idle after the car warmed up:

BARO 27.74 "HG, 4.45V
LT FUEL TR CL 25
LT FUEL TR EN YES
LT FUEL TR (L & R) 104
COOLANT 214 degrees F
EGR DUTY 100%
ENTINE RPM 700-775
EXHAUST O2 (L & R) RICH
INJ (L & R) PW 5ms
ST FUEL TRM (L & R) 81
LOOP STATUS CLOSED
MAP 15.69 "HG, 2V
IAT 214 degrees F
O2S CRSCNTS (L&R) 0
O2S (L&R) vaires betwen 579-670mv
TPS SENSOR .51V

It would appear that the computer is getting the correct information that the car is running rich and is trying to lean the fuel.
So would this suggest that the fuel pressure regulator is bad or the injectors are faulty?
I did remove the vacuum line from the fuel pressure regulator and did not see any fuel there.
Could this also be a problem with the ignition? (bad wires, spark plugs, etc?)
I am going to autozone to borrow the fuel pressure set to see what I am getting.

Any other suggestions?

O² sensor values you posted are pretty narrow range. In would replace them with new Denso units.

I agree with Joe, replace the O2 sensor w a Denso unit. . The O2 sensor should fluctuate continuously at idle from around .15 volts to about .5 volts. This still could be a fueling problem though. If its a fuel pressure problem, you can measure the pressure at the rail to see if it is within spec or too high. About 38-43 psi is about normal. Also measure the pressure after you shut off the engine. If the pressure rapidly drops to zero then the regulator is bad or an injector is stuck open but this is a rare occurance. BTW, what scanner are you using?

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" THE BLACK PARALYZER" -87GT 3800SC Series III engine, custom ZZP /Frozen Boost Intercooler setup, 3.4" Pulley, Northstar TB, LS1 MAF, 3" Spintech/Hedman Exhaust, Autolite 104's, MSD wires, Custom CAI, 4T65eHD w. custom axles, HP Tuners VCM Suite.
"THE COLUSSUS"
87GT - ALL OUT 3.4L Turbocharged engine, Garrett Hybrid Turbo, MSD ign., modified TH125H
" ON THE LOOSE WITHOUT THE JUICE "

I had a rich condition until I made sure I had +12v to the power steering ecm input, +12 to the fuel pump ecm input.

Thanks for all the input. It turned out to be a bad fuel pressure regulator.

I checked the pressure and it was high.

I swapped in the new regulator and the smell of unburned gas was gone.

After running a bit the O2 sensor start cycling as before and the LT and ST fuel trim started moving up indicating that the fuel mixture was leaning out.

The car is running much better now.

Good deal, thanks for the feedback.