Does the engine sound normal while cranking? Most common failures on these vehicles are the timing belt and the fuel pump. Since you seem to have fuel pressure (although it seems a bit low) I would suspect a timing belt. Pull the oil fill cap and look inside while someone else cranks the engine. If the cams aren't turning, the timing belt has some sheared teeth. If the cams are turning, some teeth may still be sheared and the timing is way off. Pry the cover over the timing belt back a bit and have someone bump the engine over while you look for missing teeth on the belt.
