My 25 caliber P35 did just what you describe when I got it. I followed the guidance I got here or on GTA and tried adjusting the hammer spring setting to be appropriate for the regulator setting and it eliminated the "first shot low". In my case, the hammer spring was low for the regulator setting. It seems like yours may be high. If you turn the hammer spring down, does the velocity decrease? If the answer is no, try turning it down until velocity does decrease. Some suggest having the hammer spring just below the point at which velocity is highest for that regulator setting but I like to try going both up and down a little from this point and checking accuracy. My Avenger really likes having about 1/4 turn more hammer spring than the minimum to get the highest velocity. It is more accurate this way. But the main point is having the hammer spring setting be inappropriate for the regulator setting can cause the regulator to start messing up. I don't really understand exactly why but have seen it happen. Whenever the regulator is moved, the hammer spring should move too. They need to be balanced with each other for the gun to perform it's best.
Nice looking gun, by the way.