The RENIX (1987-1990 w/4.0) injectors are notorious for leaking - and you've already replaced those. I'm assuming you put new o-rings in as well?
Black smoke typically indicates an extreme "rich" condition (too much fuel,) and the particulates that make the smoke black (the unburned carbon) will clog up the oxygen sensor in fairly short order. So, try not to run it too much, or you're going to be changing the oxygen sensor as well. (and, while relatively cheap, you still can't use a "universal" part for it - the sensor you have works on a different principle.)
What injectors did you use, anyhow? You don't mention that - and if the delivery rate is significantly different, you could get a "rich" condition that the engine controller can't correct for. The original injectors were rated for 19#/hour at (I think) 29psi - if the delivery rate for your new injectors is larger by too much (say, over 22#/hour @ 29psi,) you're going to get an uncorrectable rich condition. Note that I mention delivery rate at a certain pressure - if your new injectors are rated at a different pressure, there is a formula to correct for that.
If you don't know (the seller didn't say,) then we can take the original application and see what we can find in the Archives for that. Most small block engine fuel injectors (Ford 302/351ci, Chevvy 305/350ci) run right around 19-21#/hour @ 29psi, but there was a small variation by years.
If someone near you has a fuel rail pressure gage with a GM fitting, it should work - and you can see if you need a new regulator. You really don't want to go "shotgunning" things in the fuel system and hope you stumble upon the problem blind - that gets expensive. With a fuel pressure gage, you can check pressure (reading it off of the gage) and delivery volume (using the bypass on the gage - time how long it takes to fill a known volume - a small fuel can, for instance) - this will check both the pump and the fuel pressure regulator. Since a test gage is usually cheaper than either of those parts (~$40, last I checked,) it's a handy thing to have anyhow.
Should you need to replace your pump, changing the regulator won't do anything. And the other way around.
The fuel system depends on all the parts working - but it takes a little troubleshooting to figure out which one isn't (and one part failing can present in a number of different ways, or as something else entirely - so it does take some investigating and some thinking to save money.) You were, however, correct in replacing the leaking injectors - that's a known problem on the 1987-1990 4.0, and replacement is the only fix for it.
I did ask the NW Chaper mod to merge your other posts into this one - double posting not only makes for separate threads (taking up server space,) but it makes it entirely possible to miss getting a good answer (you try thinking about two things at once...) and, often, the answer is a synthesis of what everyone has to say. So, don't be surprised - and please don't do it again. I'd hate for you to not get a useful answer because you're running two trains of thought...
However, if you're looking for someone local to have a specific tool, or to help you work on your rig - your local chaper is a place to ask for that sort of help. For general Tech stuff, hit the large boards (OEM for original equipment, Mod Tech for modifications considered or that are failing,) since you're more likely to get a useful answer there. Just some friendly advice.
Believe me, I do understand your frustration (I've got five XJ's myself, none newer than 1990!) and I can understand what it's like to deal with a problem when you don't know much - but that's why we have clubs like this. Just be patient tho - it's rare that you get a useful answer within 10 minutes, but it's fairly rare for you to not get a useful answer within 24 hours, either. If you want an answer quickly, chances are you're going to have to pay for it locally - which you don't seem to want to do. No problem - but it does take a little patience...