I bought a fuel pressure tester (96 LT-1 Camaro) and with key on pressure goes to 41 psi for 2 seconds then drops back to nothing. If you turn key on (goes to 41 psi) and then start it (drops to 35/36psi) which I believe is correct, however is it not supposed to hold pressure before I start the car. I go to relieve line pressure with valve and nothing comes out. Is this a regulator issue or a pump issue? Any experts out there?
Car starts wells, but not always on first crack and when warm can be more difficult to start.

 

Could be that the regulator, the check valve in the fuel pump, or an injector stuck open. However, I doubt it is the injector, because the pressure is dropping too fast and the car is running OK. I would try a new regulator as it is easy to replace and not too expensive. The fuel pump is a dog, being that it requires the fuel tank to be dropped, or an access hole to be cut in luggage comparment.