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So as part of my troubleshooting of a loss of fuel pressure, (primes to to 40+ PSI and holds that while running but drops to about 10 PSI imediately after shut down) I pulled the fuel rails and injectors and put paper under them, primed the engine and all the injectors gave a quick spray on the first turn of the key.
Is that normal for a cold start? After that I could keep priming and nothing sprays. Then I let it sit and noticed no leaks after an hour and pressure is still at 10psi.
Clamp off your return line, see what happens. If pressure holds, it's a bad regulator. If pressure still drops, it's the check valve in the fuel pump. Confirm that by crimping off the pressure line, when charged.