FP changes with vacuum
Changing the fuel pressure will change the air/fuel mixture. The ECM will compensate, as well it can, to achieve the optimum. A fair bit has been written on other threads about tuning, as regards fuel pressure, but my 'guys' recommend the factory setting, with properly sized injectors; then programming the ECM accordingly. It is all related.
Think of a an ECM pulse to each injector as a varying-length time period when the pipe is open. With higher pressure behind the valve, more fuel squirts through, when opened. The ECM has a limited range that it can decrease the pulse, with a higher pressure (and vice versa).
Wet plugs are not good. I'd bet your tailpipes are black and you could be plugging your CAT.
With an adjustable fuel pressure option, pressure is set to the spec with no vacuum applied. That unit uses vacuum to sense engine load; lower vacuum means open throttle, means more fuel needed, means higher pressure. See:
http://www.corvetteactioncenter.com/forums/showthread.php?t=57587&highlight=adjust+%22fuel+pressure%22
You changed the engine, as I recall. It may draw less vacuum than your brother's engine and could well need adjusting. It seems a bit of a crap shoot, though, as by changing fuel pressure, you're messing with the mixture through most areas of the fuel tables. It sounds like you
really need less fuel now, but will need a proper tune, perhaps a properly programmed chip, from someone who really knows what they're doing. From your prior posts, I am not sure 'your shop' fits that bill.