Okay, got it mostly apart. Trigger and trigger pin clean, inlet hose/fittings and regulator and respective o-rings all good. Air valve looks good, not in two pieces anyways. With the gun off, I can rattle the piston around, it seems to fully travel and moves freely. I give it the old "knock knock" on the work bench, didn't help.
I tore the gasket for the inlet housing (ordering a new one), and when assembled with the leaking gasket it pukes air pretty aggressively out of it. I can't even stop the flow with my finger when the trigger is half depressed. This tells me my problem is definitely on the exhaust side, assuming a restriction/gunk of some sort. I took the exhaust cap off, the very end of the exhaust ports look okay.
I'll add a picture of where I am tomorrow. I'm ready to tear down the barrel itself, but am stuck on how to do it. The barrel is plenty tight, appears to be kept from spinning by the locking pin, which cannot be hammered in further for removal. I'm assuming I need to extract that pin and then try to twist the barrel apart. I have to guess CP uses a locking compound of some sort as well, since I couldn't really budge the barrel in either direction. If anyone has taken one of these apart before, I'd be grateful for some insight.
Would it be foolish to try and blast it with some brake-clean and see if any junk come out? Mainly hoping it won't push any debris into an even more obscured area.
Part 34 is the pin in question, the diagram is a bit generic.