My sons 86 tpi 305 doesn't want to start when cold unless I hold the pedal at half throttle. Then when it starts it has to clear out like its flooded. Air pump and cat are gone. Tps is at.54v, initial timing is at 8, fuel pressure is 42 lbs with key on engine off.
What should I look at ?

 

You could try pulling the spark plugs to see if some are wet to identify leaking injectors.

 

Sounds like cold start valve is not working. May even be leaking causing rich condition, but my bet is on it not functioning at all.

I don't think they are available, so easiest fix is to use a block off kit ( ebay) and have the ECM re-programmed to an '89 program, which eliminated the cold start.