1998 Tahoe 5.7 139,000 miles

We have a new problem and it's something that has happened since we got the truck. We now have a cold cylinder (#7). Not cold, cold, but not as hot as the rest. We have spark. Truck is dumping raw fuel out the exhaust and when we pulled the plug on #7 it was soaked. Cranked motor over and it spit fuel out the plug hole. Did a compression check and it checked out fine. We are leaning toward fuel regulator issue or spider poppet stuck open. Does that sound like we are headed in the right direction? Any suggestions or advice?