Congrats on a super deal... my cheapest Capri was $100, a black 93 xr2, and it's my daily driver!
The fuel pump does not spray fuel out when the filter is disconnected, but it does run out at a fair rate when cranking.
Try loosening the intake pipe to the throttle body, spray starter fluid into it, put the pipe back together quickly and see if it tries to crank. If so then the replacement pump is either bad or connected improperly.
Look at the tachometer when cranking, the needle should bounce a little, indicating spark is present. If not, then the module in the distributor may be bad, that's a common failure...good luck...Chris