Your problem is no fuel delivery excpet the cold start valve (it operates when the starter does), not failure of the cold start.

Most likely you have either a binding air meter flap in the flow meter (visible just under the air filter) or a large vacuum leak. It may also have a seriously out of adjustment fuel mixture, much too lean.

Major vac leaks sources are the boot between the air flow meter and the throttle body (check for a loose clamp -- if it is, the rubber is shrinking and leaking air), hoses to the idle control valve if so equipped (and I'm not sure, I believe it has computer control, but I'm not positive), leaking seals between the manifold halves, bad brake booster line or booster.

I suspect ALL the vacuum line rubber parts are shot by now, unless replaced in the last few years.

It is also possible that the fuel distributor is bad (very expensive), but diagnosing that requires the correct guage setup to test.

Peter

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1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!