Hmmm...Are you sure your have fuel pressure? There is a pressure release valve on the fuel rail (on the m44, not sure about the m42). Release pressure with the key off, turn the key on, release again, is there still fuel coming out? When my fuel pump died (at 130k miles) it did the same thing. I can't think of anything else that would stop the car from starting.
I have a BMW code reader. If you can wait until next weekend I can probably drive up and help you out. My friend in Appleton has 3 Skylines at his place (an R32, R32 GTR and an R33) I need to see/drive these cars.
Who did you buy the DASC 318ti from? I didn't know of any other DASC'd 318s in the state.