What is meant by "element" is, pull off the injector line, then you have what is called a "delivery valve" which is the entire assy that sticks out of the top of the IP for each injector, and is fastened in place on the pump with a hold down clamp. After you remove the line, remove the top nut on the delivery valve, there will be a springloaded plunger under it which creates the popping point for the pump, pay attention to the order of those parts for reassembly. DO NOT under any circumstances, undo the flat clamp and rotate/remove the delivery assembly from the pump body. This will ruin the adjustments and require the pump to be recalibrated. Now, with the plunger assy out of #1 and the engine positioned correctly to line up the internal pump parts, you should have a path to the port of the delivery valve when you operate the hand pump, and fuel should come out, not necessarily spew out, but dripping is sufficient.
With the key in the off position you should have some vacuum to the shut off (as long as there is vacuum present in the car still) with the key on, the line should have no vacuum in it, if it does than the ignition switch is likely the culprit, or someone has replumbed it wrong in the past.

"IF" it does turn out you ultimately have an IP problem, I do have one pulled from my 80 that tossed a rod, and might work for you, so don't panic on expenses just yet. As far as timing goes, its a little intimidating at first, but there are lots of threads on it here, lots of people who've done it, and I found it to be relatively easy to do (having never touched one before).
-Chris 80 240D w/617 engine