By any chance do you know the model # of injection pump that you had originally and the model of the one you put on? A 94 K3500 may have had a DS4-5068 which the PCM is not compatable with any other DS4 model. Pull the PCM out and check the 4 letter code on the EPROM, which is accessable via a hatch on the back of the PCM. I can look up what kind of IP that is for.
Also, go check to make sure you have two or three ground wires attached to the rear of the passenger head, there was one on the rear coolant blockoff plate and one on the intake manifold stud and there should be one on the rear of the head against the firewall. You might not have hooked one up that goes to the PCM. When you turn the ignition to On, without cranking, do you get the SES light and all the other dash bulb checks, and a Glow plug light?
The PMD sends a 5VDC pulse. The PMD is a transistor that uses battery voltage and a digital fuel inject pulse from the PCM to trigger it. So it uses that energy and that trigger to create the analogue (real voltage value with current, not just a logic high or low) pulsed signal to the IP Fuel Solenoid. That pulsed signal grows in voltage with RPMs. A multimeter can pick that off as VAC, because in that mode it is reading peak to peak voltage, period, it doesnt matter if its -60 to +60 at 60hz or from 0 to 5V at an inconcistent frequency. So it is VDC, just with fast switching.
You cannot hold the metering valve open, because then it would never inject the fuel. The metering valve opens on voltage pulse, then closes to begin injection.
Verify the .58V was AC, and if it was I would suspect the PCM. May not have been anything wrong with your old IP and PMDs.
Before you get a PCM you can verify continuity or short between wires on the wires between PCM and PMD. Pull PCM connectors off and leave PMD unplugged. Test ohms between the wires going to the PMD to see if any are shorted to eachother or to ground. So check A-C, then A-E then A-eng/chassis GND. Then check C-E and C-GND, then E-GND. You should not get any kind of continuity on any of those tests.
Then you can jumper PMD harness pins A-C, go to the PCM harnesses and test for continuity on BC14-PD2 and BD13-PD2. Then jumper C-E and test continuity between PCM harness PC2-PD2. You should have less than 1 ohm on all of these checks.
Its easier to understand if looking at the picture of the PCM to PMD on that PDF file. It also identifies the PA/PB and PC/PD connectors as by color and number of pins.