Jim,
Had a similar problem with my 740 Turbo (87). I would fail to start only when cold and had been stiing for at least 8 hours. What fixed it? Rewiring the injectors from the firewall to injectors and injector to the resistor pack on the left side. Checking contunity of the wires showd them to be shorting to each other. I assume as this is a low vilatge system (5VDC) that it screws up the resistance which alters the voltage to the injectors causing them to stay open. Here is a good trick to "dry" out your engine with out pulling the plugs. Disconnect the connectors for the injector at the injectors. Crank the engine over with the pedal to the floor to allow air in. Crank until it fires and burns out the excess fuel. I thought of this while sitting in my car stranded at work. Had to do this numerous times until I fixed the real problem. Hope this helps. At least you will have a quicker way to get started.
Jeremy