When starting my 98 Chev Silverado it will crank like it's not getting fuel then when I let up on the ignition and try it again then it will start. The fuel pump is working fine and was replaced about 1 year ago. I've been told it could be my Fuel pressure regulator but where is that located on a 5.7 vortec 350 and how hard is it to replace.
They are not hard to replace. The FPR is generally located before the Fuel rail near the throttle Body. If you look online for an FPR you should be able to match it up to where it is exactly in the truck
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2000 Silverado Z71, 5.3L, K&N GenII Air Intake, Y-pipe Exhaust (no muffler), Bosch Platnium +4 plugs.
Thats your problem. It has to hold pressure. Still could be the pump or regulator. Pinch off the flexable return line with a vice grip. Turn the key on and off. Watch the pressure. If it now stays, replace the regulator. If it still falls, replace the pump.