We'll try plugging in another FRP sensor before removing the engine harness, I was under the assumption that if the PSI value didn't change when unplugged, the sensor itself wasn't relevant. We also just found out that the truck quit showing oil pressure on the gauge shortly before this problem started.
The sensor will only report the pressure that's in the rail. If the truck isn't running, and especially if it hasn't been running for say a day, there's no way it would still have 26k in the rail when you first turn the key on without cranking. I'm not even sure it would be able to make 26k while only cranking. So If I'm reading things right, it always is reading 26k no matter what - first key on before cranking, after cranking, sensor unplugged or plugged in - that suggests that erroneous data is being received by the ECM, one way or another. Or am I missing or mis-reading something? Now, if you turn the key on and it's at 0 or maybe a few hundred PSI, then you crank it and it increases, then it starts and then shoots up to 26k and stays there, yes, that would likely be a regulator or regulator circuit issue. But if it's reading 26k
no matter what, it's most likely something related to the pressure sensor that's causing the reading - either the sensor itself or a wiring issue. But I'd also suggest that even if there's a problem with the sensor or its circuit, that likely wouldn't prevent it from starting (I mean, if it thinks it's at 26k, and wants 5.8k, maybe it's pulling back the regulator so much it's zero, but if you unplug the regulator, which it sounds like you've done, that voids anything the ECM might try to command and it should still start). If the regulator is unplugged, the truck will still start and run 'fine', just noisy.
Since someone was monkeying with it, are the cam and crank sensor connectors plugged into the right places? They can be swapped, and if they were, that would cause a crank no start condition. Since we're talking about a LLY, the FICM is another failure point that could cause a no start.