In general.. You have to start by checking for a fuel and/or spark problem and go step by step from there.
Fuel Injected Mustangs "Crank and No Start" Checklist - Ford Mustang Forums
It seems you have done some of that already. When you say you have power to the fuel pump relay, what power?
The computer does a prime and powers on the fuel pump for a few seconds every time you turn on the key. After that few seconds of priming, the fuel pump shuts off and stays off until the car is running. If you are troubleshooting power to the fuel pump 2 or more seconds after turning the key on, you won't find any.
Here's the easiest way to check the fuel pump relay if you don't have diagrams or understand how they work.
Take the key from off to on four times. Each time measuring voltage on a different wire on the fuel pump relay to a good solid ground.
What you should see as soon as you take the key to on.
One thin wire, +12V for a second then nothing
the other thin wire, nothing maybe a slight fluctuation
One thick wire, +12V the whole time
the other thick wire, +12V for a second then nothing.
Every time you turn the key on, you should hear the fuel pump clicking. If all of that checks out good, your fuel pump relay and computer is good (at least as far as the fuel pump part of the computer) and the problem is most likely a wiring problem from the relay to the inertia switch or the fuel pump itself.