Well do like LAtech said and remove the vacuum line from regulater and turn key on to see if gas is coming out vacuum port. I didn't think a bad diaphram would do this but he must know something I don't.
Is an injector stuck open and pouring fuel? Or when it's running pouring fuel? Is fuel pump running with key on for 2 seconds or constantly?
Does it run at all? Trying to figure out when it's dumping all this fuel?
If the CTS is bad it usually reads -40 like mentioned above and floods an engine bad, unless it's -40. Here's a chart to read the CTS sensor with an ohm meter.
Coolant sensor approximate resistance specifications:
177 ohms @ 212 deg. F. or 100 deg. C.
241 ohms @ 194 deg. F. or 90 deg. C.
332 ohms @ 176 deg. F. or 80 deg. C.
467 ohms @ 158 deg. F. or 70 deg. C.
667 ohms @ 140 deg. F. or 60 deg. C.
973 ohms @ 122 deg. F. or 50 deg. C.
1188 ohms @ 113 deg. F. or45 deg. C.
1459 ohms @ 104 deg. F. or 40 deg. C.
1802 ohms @ 95 deg. F. or 35 deg. C.
2238 ohms @ 86 deg. F. or 30 deg. C.
2796 ohms @ 77 deg. F. or 25 deg. C.
3520 ohms @ 68 deg. F. or 20 deg. C.
4450 ohms @ 59 deg. F. or 15 deg. C.
5670 ohms @ 50 deg. F. or 10 deg. C.
7280 ohms @ 41 deg. F. or 5 deg. C.
9420 ohms @ 32 deg. F. or 0 deg. C.
12300 ohms @ 23 deg. F. or -5 deg. C.
16180 ohms @ 14 deg. F. or -10 deg. C.
21450 ohms @ 5 deg. F. or -15 deg. C.
28680 ohms @ -4 deg. F. or -20 deg. C.
52700 ohms @ -22 deg. F. or -30 deg. C.
100700 ohms @ -40 deg. F. or - 40 deg. C.
Do you have any codes set? You can read them with a paperclip between A and B terminal on ALDL port, key on and count flashs.
THE ALDL CONNECTOR:
To Display Trouble Codes:
Run a wire or paper clip from Pin A to Pin B then turn the ignition on but do not start engine. The "Check Engine " light will flash in the following sequence: flash, pause, flash-flash, long pause flash, pause, flash-flash, long pause flash, pause, flash-flash, long pause. This is a code "12" which will always be there and tells that the diagnostic test is working. After this series of flashes and pauses any stored trouble codes will now flash. If you do not see the "12" flash three times, your diagnostic circuit is defective.
Most vehicles will display stored trouble codes, then "12" again
Here's a link to GM service procedures for all the error codes and how to test each circut.