With the fuel pump running you should see about 40 psi on a 2nd generation Escort. As soon as it stops, the pressure will liikely drop several pounds. I think it should show about 30 psi with the engine idling, and would jump up a few pounds if you open the throttle quickly for a second.
All of the grounds on an Escort are probably important. The ignition switches (the electrical part) are also known to go out eventually. That electric part can be bought by iteself for aboutr $40 to $50. Its not too hard to remove the old and install the new. In fact, you can undo the connectors, plug them into the new ignition switch, and use a screwdriver to turn it. This lets you check its operation.
I had to replace the battery ground cable on my 92 1.9L, and along with the new cable, I soldered the other wires that formerly came to the funny little connector on that battery terminal. I made this soldered connection where the ground cable first is bolted to the cowling, near the battery.
When you say you replaced the ignition control monitor, do you mean the thing that has EDIS printed on it? I call that the ignitor, and its what actually drives the coil pack. They are expensive to buy new, but cheap in auto salvage yards. I carry a spare one on any long trip.
One other thing to mention, though its a l-o-n-g shot. There is a fuel-disconnect switch on the 2nd generation Escorts. If you go over a hard bump this thing will trip - and the car will NOT start until it is reset, nor will the fuel pump run. There should be a light on the dash when you try to start it in this case, saying "fuel-disconnect sw". On the wagons the switch/relay/button is located inside the trunk space, on the passenger side, inside the plastic cover for that strut tower. You pull off a little door, reach in an depress the button. I dont know where it is on the sedans, but its in the same general location. Some folks have had enough trouble with them that they bypassed it with a wire. Its purpose is to ensure the fuel pump doesnt keep running if you are in a wreck.