Ranger starts hard with gas smell

I have 2002 Ranger, 4.0L. After sitting for awhile, say more than 30 minutes, it will start hard with a heavy gas odor. Fuel will drip from the exhaust. It will lope and idle rough for 30 seconds or so than smooth out and idle fine. A buddy tells me I have a leaky fuel pressure regulator but the item he pointed out to me on the fuel rail turns out to be the fuel pressure DAMPER.

My question is, could the damper be leaking or have some other malfunction that would cause these symptoms? It would be a lot easier to replace than the regulator which is integral to the fuel pump which is in the tank. Cheaper too, I think. I haven't put a fuel pressure gauge to it yet because I don't own one. But if I can get my hands on one what would I look for to point me to either regulator or damper?

Many thanks in advance for any help you can give me.

I looked at a picture at rock auto and it cost $57.00 it appears to be the same as a pressure regulator. Pull the vacuum hose off the end and if leaking replace.
http://www.autopart.com/tools/toolsmain/tool/T_3440.htm This is the type of tool needed.
Your looking for pressure above recommended fuel pressure.
You can also call Ford parts and ask them they should tell you for sure.