[svx_commuter]

Elevated hydrocarbon (HC) emissions usually indicate ignition misfire due to fouled spark plugs or a bad plug. But high HC emissions can also be caused by burned exhaust valves (check compression), lean misfire (check for vacuum leaks, low fuel pressure or dirty injectors), or rich fuel conditions (fuel saturated carburetor floats, excessive fuel pressure, leaky injectors or a dead O2 sensor).

High carbon monoxide (CO) emissions are a telltale sign of a rich fuel mixture. On older carbureted vehicles, fuel-saturated plastic floats, incorrect float settings, leaky power valves and misadjusted chokes are often responsible for the rich mixture. On newer vehicles with feedback fuel controls and fuel injection, leaky injectors, excessive fuel pressure and sluggish or contaminated O2 sensors are all possibilities to investigate.

Harder to diagnose are elevated oxides of nitrogen (NOX) emissions. Causes here may include a defective EGR valve, EGR vacuum solenoid or motor, plugged EGR ports in the manifold, over-advanced ignition timing or engine overheating.

(from: http://www.aa1car.com/library/2000/ic60032.htm)

So I think your fuel regulator may be done. Pull the vacuum hose and see if gas comes out or if the engine idle speed changes since the fuel pressure goes up.