[Dave at Pelican Parts]

Nope. This sounds like normal behavior--except for the part about the pressure dropping quickly. That will make for difficult starting when the engine is warm, but you can overcome that by doing the key on-and-off thing a few times before you try cranking it over.

The pressure drop may be caused by a leaking injector (you weren't pumping the throttle when the pressure dropped, were you?), or a fuel pressure regulator that is leaking, or a leak back through the fuel pump.

The primary suspect (in my eyes) would be the cold start valve. Pull it out of the manifold, build fuel pressure, and see if the CSV leaks or dribbles fuel. If so, replace it.

--DD