My 87 GT starts hard the first time, cranks several times then finally starts and appears to be nearly flooded. Once the car has been started the first time it starts normally for the rest of the day unless it sits for several hours. Anyone encounter this and know what the issue is?

Do you allow time for the pump to prime?

I always wait until the pump stops before I turn the key further to crank the engine.

Your engine has a cold start injector. It rarely needs service, but could be disconnected or plugged.