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Check fuel pressure into IP if you have a gauge. 7psi is in the ballpark. Or if you have no gauge disconnect the fuel line at filter and turn engine over, collect the fuel in a bottle while turning engine. There is an engine rotation vs pumped fuel volume that I can't recall at this time.
My diagnosis for IP rebuild was simple, I had fuel pouring out the throttle shaft for months. Your symptoms are a little different. You said it will not crank, will the engine turn over by hand? I use a socket on the Harmonic Balancer for this. Are the batteries and starting system in good shape?
I would have your original IP rebuilt. I used Accurate Diesel. I forget the price he charged, but recall it was very fair. http://www.accuratediesel.com/
Had mine rebuilt last year. Replaced it using this site, and the TMs. Its not difficult, just time and tools are needed.
http://www.steelsoldiers.com/showthread.php?t=78521