I should have noted earlier that after 5-7 seconds of cranking the exhaust smells strongly of gasoline.

Thanks for the link to Timm's site. The M60 "overfuel" condition seems to be very similar to what I'm experiencing.

I started researching overfueling and noted that it can be linked to a coolant link sensor. Not surprisingly I had a coolant sensor fault earlier in the week but haven't addressed it yet.

Hopefully replacing the coolant sensor and/or the MAF does the trick.