Have you tried moving your vacuum reference to a place on the intake? If you are having to hold the throttle open, it sounds like it is looking for vacuum above the throttle plates.
That or could be purging too much fuel when cranking and opening the plates diffuses the fuel some?
Also, have you checked to see if fuel was flowing between lockoff & reg, and reg & mixer while cranking cold? Could be that the springs are stiffer needing more vacuum to flow?
On the balance port topic , I am unfamiliar the 425. I do know that impco 100/125 style I have seen both ways ,plugged and vented. Never seen it make a diiference.