Phelps and Bristol are more or less on opposite sides of Ontario County, so it may be that we're looking at two different branches of the Faunces, or that the Faunce-Taylor connection in Bristol, if there is one as there seems to be, dates from before the move into New York State from New England.
I can get to a nearby genealogy library where I'm sure I'll find a copy of the Faunce genealogy, but it's a haul and I may not go there right away. Do you happen to have the book? I imagine not, but if you do, would you mind looking in the index and seeing if there are any Taylors there at all?
Nathan Parker has come up with interesting information. If you have a minute, you might want to take a look at our exchange.