I have a k-jet and am experiencing a similar hot start issue as yours. See

http://www.brickboard.com/RWD/index.htm?id=1269589&show_all=1


I found my accumulator to be leaking at the vent side. I replaced that and the hot start became better but not resolved. I don't have access to a pressure gauge nor does my mechanic.

I read with great interest that you have no pressure at the fuel distributor. I'm not well versed with using a pressure gauge and am still learning about my k-jet, but could the loss of pressure measured at the fuel distributor be due to other causes eg, leaking fuel injectors or leaking cold start injectors? A fuel distributor is darn expensive and I may be wrong but going through brickboard and other k-jet related forums, I get the feeling that a fuel distributor failure is not common.