I'm thinking the fuel sensor is bad. I'm not really familiar with any SVT differences between the fuel systems, so forgive me if I'm a bit generic here. Our fuel systems don't have a return line, so there is no fuel pressure regulator. There is a fuel sensor which gives the computer information about fuel pressure and temp. I think it's most likely bad because of its reading. Also, from what I understand SVTs do have a fitting on the end of the fuel rail where a mechanical tester can be used. This is hearsay, so maybe not accurate. If you can test it, and it doesn't match the fuel sensor reading, then replace the fuel sensor.
According to the possible causes, this could be one of them. Now here's another thought- have you ever replaced the fuel filter? If the fuel filter is like 100k miles old, then it's possible this would do it- however- WOW. If the fuel filter is not super old, and you change it regularly, then it's not worth looking at unless you find that your mechanical gauge gives you the same reading as the fuel sensor.
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