Solved!
It turns out the voltage drop was a symptom but not the only problem.
Today I got a chance to get back on the truck and started with the fuel pump relay. The FAST relay passes power to the fuel pump, so after some advice decided cut their hand-off at the plug and run a hot feed directly to battery.. Best practice.
With this done, I still landed at 16psi, not 40! So I ran a straight hot from the BATT to FP and it worked, so what was happening?
After some head scratching it turned out that time was the issue. It takes time for the fuel from the back of the truck to make its way to the rail and returned back, and while this is happening the display for the ECU is coming online. When the display would come online, the 8 seconds had passed and the fuel pressure would drop to 16psi. When I would run power direct, the pump runs continuously, so the display would finish booting and be able to display pressure with the pump on.
With that, I went into the ECU, made a change from the 8 seconds to 15 and wammo, 40 psi! It captured the PSI with pump on, problem solved!
It turned out to be a good use of time, checked things twice and one step closer.
Now on to cleaning up the ecu wiring, mess and clean up the connections at the battery terminals, running a new oil pressure line. Might hit the starter tomorrow too, no plug wires, just make sure she rotates...