As above, fuel pressure is dropping off due to it escaping. Either internally (e.g. failed non-return valve in fuel filter/pressure regulator or stuck open injector) or externally which hopefully would be a bit more obvious!
Also as Wealy says seems to be a bit more common on diesels due the higher pressures involved, I diagnosed a friends Disco TD5 recently with a failed injector seal (poor starting and higher fuel consumption).
Given you have hot starting problems but is fine if left I would be thinking injector issue. Fuel is dumped in the cylinder on switch off from a stuck open injector leading to an excess of fuel on hot start, if left it evaporates away and is fine on cold re-start. Does it smoke initially on start up when you have the hot-start issue?
What fuel pressure were you getting with it running? It should be 3.5bar.
If no other leaks are obvious I would be checking the injectors.
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