Spec for 7.4L in '97 is 56--62 psi, key on, engine off. The difference between your reading and spec could easily be due to an inaccurate gauge. It'd be worth testing the gauge.Fuel pressure test:
Key turned hits 50 PSI
Doesn't matter.**did not purge line from air on test gauge**
No spec given in '97 C/K service manual for engine idling fuel pressure except that "high vacuum applied to the fuel pressure regulator diaphragm will result in lower fuel pressure." Seems reasonable to remove the vacuum hose from the regulator (if you can access it!) and see if the pressure is still lower than 56 psi on an accurate gauge.Key on started, cold, started immediately, 44 PSI exactly
If it is, they want you to check for restrictions in the fuel system including a partially-plugged filter, and if no restrictions are found, to gradually pinch-off the return plumbing to see if the pump is capable of producing adequate pressure (not more than 75 psi, or you could damage the regulator.) Depending on what you find, either replace the regulator or start investigating the pump. Best to follow the actual service manual procedure. In the '97 C/K manual, it starts on page 6E-854. Small-block and big-block are mixed together, be sure you're reading the correct steps 'n' specs.