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If you have CSFI (central sesquential fuel injection used on the 96-98 vortec V8's) fuel pressure is 60 psi, it can NOT even drop 5 psi. A running fuel pump does not mean a good fuel pump. I had one go bad, even though it was working and pumping fuel. The capacity and preesure where too low. The test valve is on the fuel supply line along the intake manifold, drivers side, near the pcv valve. You need a gauge with a 100 psi scale, the pressure should go to 60 -65 psi and not drop at all. The only other thing I can think of is maybe the crankshaft position sensor, I would not think it will be a no spark problem (not very common to lose spark on these engines). Can only be two things...no fuel or no spark.
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