1994 XJS 4L difficulty starting first time of the day, but runs well once started

Here is the issue. For the first start of the day, engine cranks fine but won't fire up. I then smell gas fumes. After a few more tries, the speed of the cranking goes up a little, then it will eventually fire up (If really cool or damp out, it is harder to get started). Once it's running, the engine is as smooth and powerful as if it was brand new (95k miles). It usually starts right up the rest of the day.

So far I replaced plugs, checked & cleaned rotor, replaced coolant temperature sensor. I have seen some posts with reference to the fuel pressure regulator but is there a way to check it before spending $80 plus?

Any thoughts?