Did you check the fuel shut off solenoid? Do some searching on that. Make sure it is working. Make sure you have the ground to the top of the injection pump.

When you changed the PMD, did you get an extension and harness? Have you tried a known to be good / tested PMD - You should have got one with your injection pump.

Check the condition of your engine harness. I've been ordering them and switching the engine harnesses out on all of my 6.5's as I go. Check Glagulator on dieselplace.com for an engine harness.

I had a similar problem to yours a couple of Decembers ago Check my threads here and at dieselplace.com for diagnostic links.

Did you try to run the engine with the return line at the front of the IP run to a container?

Do the battery bolt mod. I use and Allen screw. Be sure to flatten the end of the screw or you may not have enough threads to eliminate the stripping problem in the side post mount.

Find my thread on adding grounds and add them - especially the ground to the battery box - you have to remove the battery to get to the bolt. And the added ground from the Heater blower to the dash mount bolt - just inches away.

On a 1994 you will also want to do the dual lift pump relay upgrade - DO NOT CUT AND SPLICE any wires. Do it the way leroydiesel.com does his, if you make your own.

Make it a plug and play harness. Run from the original plug that goes to the lift pump back to the relay for a trigger. Then from the relays to the lift pump to run it.

Hate to tell you to spend more money but I consider the grounds and the lift pump relays, must do's on a 1994

Where are you located?

Did you replace the ignition switch yet?

Looks to be an older post with multiple people piling on same issue, might I suggest you start your own thread it is easier for folks that may be searching later, plus easier to keep troubleshooting specific to your vehicles situation.