So, I'd buy an adjustable FPR and also buy one of those Wideband A/F gauges that fits in the O2 sensor area.
Uh... no
You buy the adjustable FPR and then you buy a Fuel Pressure gauge. The gauge costs around $40 if you get one of the Performance series gauges from ProSport. You only need to buy the $200 wideband O2 kit if you want to get your exact air/fuel ratio figures. Which you won't need just yet. It's just nice to have at this stage if you've got the cash to throw at it.
I know the gauge is kind of pricey but I wouldn't be surprised if I need the thing a few times beyond just setting up the adjustable FPR.
You won't need a wideband unless your setup is WAY out of whack and won't run, or you have every possible engine mod in the book and want to get it very fine-tuned, or you want to run forced induction (Turbo, Supercharger. Those need more exact figures.) As long as you keep fuel pressure close to the stock values you won't have any problems. 39 psi is stock... I wouldn't go under 39 psi unless you are running bigger injectors that are rated for a lower value. I wouldn't go over 43.5 psi because you're using the 19# injectors and that's what they're rated for. Then give it a run on the ol' butt dyno. If 43.5 psi seems a bit rich, dial it down to 41 psi and give it another run on the butt dyno. It'll probably be damn close. Repeat until it feels good. It won't be exactly perfect but you can get it damn close, and since you're not running forced induction, damn close is good enough. I'll go into more detail below.
So how do I test the adjustable FPR out? Do I just screw the Wideband AF gauge in and get a digital readout of the AF at idle, then have somebody hit the gas and go full throttle in neutral and see what the gauge says? Then bump/back off the adjustable FPR?
Nope, nope, nope. Wideband has nothing to do with this, as I said above. You need a Fuel Pressure gauge. Install the adjustable FPR (but don't plug in the vac line yet) and wire up the gauge, dial the FPR where you think it should be (or skip this step if it's pre-dialed) and crank up the Jeep. If the Jeep won't run, that's okay, just leave the key on. Either way, the fuel pump will kick in, and at this point you should get a reading on your Fuel Pressure gauge if you set it up right. For the initial run, ~41 psi would be a good starting point.
If the pressure is about where you want it, turn off the Jeep, tighten up the lock nut on the pressure adjustment screw, and hook the vac line back up. Then crank the Jeep back up. The Fuel Pressure gauge will now read 6 to 8 less psi at idle. This happened when you hooked up the FPR vac line; it put the system back into closed loop unless at WOT (a.k.a. open loop.) This is normal, and the fuel pressure should rise and peak at your original set point as RPM's/throttle increase.
Now, test drive and see how it feels. Be very careful here and heed my instructions. If it feels good, tweak it a little, but you're basically all set. If you get pinging with heavy throttle it means you set the regulator too low and you're running too lean -- if you do get pinging, PULL OVER IMMEDIATELY and dial the regulator up a little. Otherwise, detonation can possibly damage your engine. If you get very noticeable instant loss of power and/or sputtering under WOT it means you set the regulator too high and it's running too rich. Don't worry too much if it's running rich; it won't damage anything, but it will waste fuel and rob you of performance. If the Jeep doesn't run at all, you either threw the adjustment way out of whack or you didn't install the new regulator correctly -- try again
I am guessing that your sweet spot should be between 41-43.5 psi since you're running the FoMoCo injectors. The adjustable FPR, ProSport Fuel Pressure gauge, and a gauge mounting pod should all you need. The gauge comes with the sensor you need and ProSport offers mounting hardware and dash mounting cups for around $10. After all is said and done, I see you spending at least $180 and not more than $250. Final price is dependent on which adjustable FPR you go with and could end up even lower if you get one from sharpxmen.