Redwrangler, I have the same problem with cold starts, I have fuel pressure, and spark, If it warms up to say 20 degrees or so it will start up. I thinking it might be pluged or dirty injectors and the gas is not spraying but squirting and will "flood" that cylinder, because when trying to start it will act like it is flooded. When it warms up a little, -19 now burrr, I'm going to check out the plugs. I have put some injection cleaner it but I have to get running for it to work. The check light does come just like yours does and goes out again after a restart. After it starts it will run rough for 5 mins or so before it smooths out, will start fine the rest of the day.
My jeep is a 94 with a 2.5