Start with a new fuel filter if you haven't already. I would expect you to run to 0psi at wot, but should get 8 or 9lbs at idle. Does the truck run right otherwise?
I had a funny problem once with fuel pressure falling very fast, it turned out to be the little valve on the cp3 (right next to fuel inlet, it looks like it has a ball bearing on top). I removed it, cleaned it up and problem solved (I expect I got a small particle in there and it was bleeding pressure back to the tank). That fix was suggested by Richard at Glacier. If the simple stuff doesn't work give him a call.
Other possibilities would be the FCA, or the lift pump is tired.