When you tested your fuel pressure , it was somewhat low but more importantly it was dropping too fast. That obviously means you have a leak somewhere. There are three posibilities if we rule out external leaks which you probably would have found by now.
#1 Fuel pressure regulator, not sure how the Vortec's are but it is common for regulators to be referenced to engine Vacuum.(Tiny vacuum hose going from reg. to manifold port) There is a diaphragm inside the regulator that if damaged may leak fuel into the manifold. The leak would have to be small as the regulator seems to be able to hold atleast 54psi when the pump is running.
#2 Leaking injector
#3 Check valve in fuel pump, not likely becuse that would not make it start better when cold.
Typical signs of #1 and #2 are long cranks when sitting for a longer while( like a couple of hours), but will start better when sitting over night and sometimes when sitting for just 5-10 minutes. Smell of gasoline around the vehicle after a long crank start. (Thats why
@Caman96 asked about fuel smell, me thinks)
Also if this has been ongoing for a while, you might possibly smell fuel in the engine oil, especially if the vehicle is mostly used for shorter trips.
The reason it starts better when cold is that there is only a leak as long as there is pressure in the line, if left sitting over night, the leak will diminish as the pressure drops, while alot of the fuel will evaporate, or trickle past the piston rings, and on cold starts an overly rich mixture is better tolerated by the engine.
The reason it may start better when hot if it has just been sitting for minutes is the simple fact that not alot of fuel has had time to leak into the engine to create a real problem.