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Vapor lock is rarely a problem on fuel injected cars. In the case of the 240, the high-pressure pump is under the car, just forward of the rear axle below the left passenger seat, far from most sources of heat (with the exception of any hot air from an inconsiderate passenger on the trip back from the Tex-Mex restaurant).
It will send cool tank gas up to the engine, and anything not used gets immediately returned to the tank, so the lines will cool down rather quickly and any possible vapor lock will be long gone by the first couple of engine revolutions. A check valve in the main pump will also keep the fuel under (relatively) high pressure, further lessening any chance of vapor lock.
However, your flooding theory is still a valid possibility, especially if the cold-start injector is firing for no valid reason. And yes, the fuel pressure regulator could indeed be faulty.
That said, these 'no-start' investigations can go in about ten different directions until the obvious things are taken care of, starting with the definition of 'no-start' ;)
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