Either you didn't say or I missed what exactly the engine is but thats really low fuel pressure to have in an injected motor, IO-360 Lycoming? If so they should run 40-60 psi at the fuel inlet.
For an O-360, fuel pressure should be 12-14 and max. 18psi, and I would check the carb float level tab adjustment; anyway thats where my thinking takes me <S>
LYC IO-360-A2A
Yes it's really low but that is why it almost has to be false reading because there is no power change. When electric is on the gauge is steady, but no difference in engine sound in any way.
Also remember it rhythmically cycles. (6 - 10 sec range).
The plugged vent would make since except I would think you would see some type of engine change with that low of a drop.
Also remember it has been doing this for more than 10 years and 2000 hours.
HiTech