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There is a fuel pump inertia switch on the pass side of the transmission hump under the dash(that's where it was on my late 85 built 86.) If it will fire while cranking, it's the inertia switch or the oil pressure switch. To verify this, pull the wire that is hooked to the hot in start terminal on the solenoid(should be the forward small terminal, IIRC, the wire is pink with a black stripe, pull one, and, if it still cranks with the key, you've got the right one unhooked) and run a jumper between it and the positive battery terminal. This should make your fuel pumps run, if it doesn't it's either the relay(drivers side firewall, close to the fender,) your grounding for the pumps, or the pumps themselves.
Evan