Re: what next?
Follow johns advice. I still think the problem is in the thermotime/cold start valve area.
Another thing to look at is your ballast resistor. Make sure that the wires coming from your ignition module to the ballast resistor are tightly crimped (or bolted down). These get dirty and can interfere with it's ability to start.
In theory, during cold start, a couple of things happen to increase it's chances of starting. One is the cold start valve, which squirts a shot of fuel in the intake during initial starting attempts. The other is the ballast resistor. While starting, the ignition module sends it's 12 volts to the middle contact of the ballast resistor, where it drops less/no voltage on it's way to charge the coil. This allows for hotter spark during the start cycle. Once the car starts, the ignition module sends it's 12V to the end of the ballast resistor, where half the voltage is dropped on it's way to charge the coil.
Having said all that, it is less likely that your problem is ignition related, and more likely it is fuel/CSV/thermotime related. Check for dirty contacts in the connectors and the sensors. Make sure they are plugged into the right places (don't laugh, it happens). Minor possibility that your FI relay is faulty or dirty (can be opened and cleaned). Have you checked that fuel is actually coming out of the CSV?