I went and double-checked that the polarity from the FPCM to the FP was not reversed, and in fact I have it correct.
(FWIW - the DW65c primes but does not build fuel pressure if it is wired backwards.)
Went out and re-tested the system just to make sure I had the right numbers:
At key on, I'm seeing 12.6vdc at the pump during the priming phase (100% FPDC), and the same voltage once it finishes priming (0% FPDC.)
Car running, FPDC at 100%, fuel pressure at 3 bar, I'm seeing 13.8vdc at the pump.
Car running, FPDC at 33%, fuel pressure drops to 1 bar, I see 14.2vdc at the pump.
With FPDC at 100%, the behavior is what I would expect. But I don't understand why the voltage increases and the fuel pressure drops off when the FPCM steps down the duty cycle to 33%.