The fuel pressure regulator (FPR) is located in the fuel distributor (FD).
In both the iron and aluminum versions of the FD the regulator is at the left front of the lower section of the FD, though the style of the closing cap differs.
Although the FPR can be removed with the FD in place, given the time out of service, and the symptoms that you report, it may be worthwhile to remove the FD to insure that the metering plunger is free in its bore. If the metering plunger is stuck in the rich position the fuel flow will indeed be excessive.