Does anyone else seem to hear the HIGH spot in the crank cycle? Or am I just being fooled?
It does appear that the light isn't getting a proper or strong signal. It also appears as though that circuit is being affected by the cranking cycle - watch the light flicker with crank start and end. I wonder if the PCM has an issue for the injector driver. Either that or it's input is bad or weak.
One last thought I have based on the high spot in the cranking test. Have you checked compression on the cylinders? If it's out of time, it should show up as low compression. 90-130 psi after 3 hits is normal from what I've seen historically. You'll need a second set of hands unless you have a long hose for the tester.
But, you did say that the plugs are dry when removed after cranking. Which means no injector pulse to open. You also said that you have good flow from the pump, so supply isn't an issue. I'm not too well versed on what can keep the injectors from firing computer wise though. Would need a bidirectional scanner to perform tests and see real time data.