Don't trust the P38 electrickery stuff you buy off ebay. Why do you think its up for sale in the first place?
There is every chance that the one you bought is a duffer with the same problem/s as your own. A shot driver is common enough, hard to diagnose and probably the reason behind a lot of P38 castrations.
When you say its shooting it out the exhaust valve, is this the one on the compressor (which is actually the intake and if you've got a lot of air coming out here your compresor seal is gone) or the actual exhaust on the valve block?
When you say its just showing the standard height, is this light flashing or continuous?
If its the exhaust on the valve block then in all likelyhood you've got a driver problem as I'm pretty sure a stuck exhaust valve will throw up a fault. Go on to rangerovers.net and visit this page :
suspump
Using the instructions you will be able to check every aspect of the EAS individually. The first thing to do is get your resevoir filled so you'll need a multimeter to check when its full. The time it takes to fill it wil also tell you the condition of your compressor. You can then fill each bag individually and find out for certain if the exhaust valve is stuck.
If your exhaust valve is stuck you are in the enviable position of having a complete valve block to work on or get parts from so you should be able to swap a solenoid or o-rings over to get one of them working.
Go to rover-renovations.com for great info on this and to get any parts you need, Dennis sends them out from the states instantly.
Download the free EAS software and get the cable or else get an EAS Buddy or Kicker depending on whether you carry your laptop in the car with you or not.
I ran my leaky and faulted out P38 for two weeks on pigtails while I was waiting for my Kicker to arrive (which is for sale incidently, pm me if you're interested)