He he he... that is the CLASSIC 454 problem.
I have a 2000 K3500 pickup with the 454 engine. I have the same issue.
I've had my pressure regulator replaced - no help. The rest of the internet says its leaking injectors. I bought a set of replacement injectors online that wouldn't fit so I personally have decided to just deal with it. I find giving it a bit of gas when long cranking seems to help it.
In researching the issue, I bookmarked the following links. I think you'll find them useful:
http://www.chevytalk.org/fusionbb/showtopic.php?tid/257907http://www.fullsizechevy.com/forum/general-discussion/technical-maintenance/354448-454-do-yourself-fuel-pressure-regulator-someone-help.html