You say that you installed a "new" cold start valve, but that fact that it drips makes me think it was in fact a used valve. Is this the case?
I know that a fire would leave anyone shaken, but you might want to bite the bullet and buy a new CSV. I know they are pricey (~$250), but it would be well worth it if you want your tii to start reliably. You will need to crank the engine forever for it to cold start without the CSV intact, and you stand a chance of more pop-backs through the intake from an overly lean mixture while cranking.
You can install the later E30 325e version of the CSV, part # 13 64 1 273 278 with a simple wiring connector modification. The original part is also available from outlets like Roger's tii and likely from a BMW dealer.
The cold start valve for the 1973.5 Porsche 911 (first year with CIS injection) looks virtually the same and costs a bit less new:
I have an extra at my shop and I can check tomorrow if it is the same against either the '74 tii in the shop or my own '73. I have a Bosch injector tester as well so I can test the used one that we have; if it doesn't leak I'll let it go for a reasonable price.
Make sure that all you your fuel hose is the high pressure BMW 8x13MM, and that you use all new high-quality hose clamps.
cda951's post in Perks Lafayette Cars and Coffee - - 07/30/2023 08:00 AM was marked as the answer