I'd try a couple of things.
- Set the air regulator at 20 psi, open the valve and let it hold the manifold pressure there. Go back to the exhaust and see if you can hear any air escaping. Maybe hold some cling wrap over the exhaust to see if it tries to inflate.
- Set the regulator at 2-3 psi. Put a healthy squirt of dish soap in a half gallon of water and mix in a pump sprayer. Hose everything down with the soap solution and look for bubbles. If no bubbles are seen hose it down again and slowly raise the pressure until you know it's not holding. Hose it down again.
The first test will let you know if you're losing air through the engine. Could be a burnt/leaking valve or leaking EGR valve. The second test helps find external leaks. Hose the soap off with fresh water when you're done.