[Shotimes] semi-OT long cranking time before start

[van Oss]

Semi-OT because I'm asking about a 4.6L SOHC V8 in our 94 Crown Vic, 168K. 
Very similar sensors and EEC-IV like our SHOs.

The last couple of weeks we've noticed that sometimes the starter has to 
crank for several seconds before the engine starts.  I think it happens when 
the engine's cold, but not every time.  If the engine's warm it generally 
fires right up.

I don't think it's the fuel pump.  The pump is quiet, there's pressure at 
the schraeder valve, and I measured steady 32 PSI at idle.  With engine off, 
the gauge showed 6 PSI drop over about an hour.  When I turn the key to Run 
the gauge snaps up to 40 PSI.

Should I be looking at one of the timing sensors?   What other tests should 
I do?

VO