Hi again All
I had a long discussion with an expert that is helping me finalise my fuel system, panel etc. He is a full bottle on engines and their operation and understands exactly how the fuel system (and pressures) should behave with this engine.
To cut a long story short - apparently it is perfectly normal to see pressure readings in that lower range with lower engine speeds, as it has something to do with the fuel pressure always being 45psi above the MANIFOLD pressure, not the ambient pressure. Yet, the fuel pressure gauge measures 'absolute' pressure.
I am still not 100% sure of the technical side of the explanation but it comes down to the fact that the fuel pressure is regulated at 45psi in relation to the manifold pressure (which obviously changes with different throttle settings) and the fuel pressure measurement is reading an absolute pressure. The difference is where the issue comes in and is perfectly normal - in fact, as Bruce has explained to me would be abnormal if it didn't happen!
Hope I haven't confused the issue more, but it's definitely not an engine issue, nor a pressure gauge issue.
Ian