Set the fuel pressure to roughly 40psi with the vacuum line off.
Adjust the throttle position sensor to about .42 volts with the throttle closed.
Do the IAC reset procedure. (Both these can be found on gnttype.org)
Having a scanmaster already on makes things easier.
Once you have the scan tool, check o2 crosscounts to make sure your o2 sensor is still alive. They should cycle from 0 to 255 in about 90 seconds.
Adjust fuel pressure and fix any vacuum leaks to get your BLM's around 128. If its down to 90, its running very rich and the computer is pulling fuel to compensate. If its 150, its pegged on the lean side, and the computer is dumping in fuel to compensate. 128 is right in the middle. I'm at about 115 at idle and 128-130 while cruising. It took me months to get all the BLM problems fixed.
Shoot for o2's in the high 700's, low 800's when at WOT. Adjust fuel pressure to make it go up, and lower it to make the numbers go down. Its really good to have a chip that allows you to tune. I like the extender which allows me to adjust BLM's, adjust timing, lean cruise, low gear fuel, etc. You can get it from fullthrottlespeed.com. $110 bucks isnt alot of money for a chip. You're looking at 300 bucks for a mail order tune chip you cant adjust on a mustang, so this is a great deal. There are alot of other great chip guys on here.
Once you have that scan tool, the potential is endless. You're just shooting in the dark right now and have no idea where you are or why your car isnt running right.
As far as that gauge you're talking about thats by the intercooler...no idea. If thats your fuel pressure gauge and its at 20psi, then that could have something to do with it.