You should loosen the four nuts on the back of the pump on the lines to the injector. Then all but the very most forward bolt on the IP. Mark a line across the pump and the bracket with a sharp scribe or knife. Then tighten the nuts back up. Slowly loosen the last bolt and ease the IP towards the engine so the line just starts to spit across the two pieces. Tighten the bolts back down on all four points on the IP. Now try to start it cold. Does it fire off any better? If not loosen the nuts again, all of the bolts with the last one going very slowly and ease the pump towards the engine and double the split in the line. Button it up and try starting. It only takes a very small change on the IP placement to change the timing a bunch. So this method might work for you as you don't seem to have a dial indicator which I would suggest purchasing as timing in everything for enjoying the VW diesel running at its best. Or worst as some would say.
Only thing I can add to that timing adjustment is; when you start it cold pull the cold start lever and push it back in a few times to see how it runs best. If it smooths out when the cold start knob is pulled you might want to advance the timing a little more.
You might try advancing it a little but it sounds close,.. make a mark because you might have to move it back.