Okay I've been thinking about this some more and there are a couple of things that cast some doubt on it being a creep problem. Firstly, 4 or 6 hours is a long time for there to be no observable change in POI, especially at 50 yards and especially given there is an eventual 1.5 inches of trajectory change.
Secondly, to produce a 1.5 inch elevation change, the velocity of the first shot would have to be about 1000fps. This is what Chairgun says using Kings at 865fps. Now if the elevation difference were only 1 inch, the velocity would only have to be 950fps...still quite a big jump. In either case, I would expect there to be a rather obvious change in the report.
Here are a couple new thoughts/questions I want to throw out:
1. Is the gun being stored with upward pressure applied to the barrel...standing in a corner or on a rack?
2. Were you shooting in the extreme cold? If so, bear in mind that after the last shot, the plenum will fill back to the setpoint. Then when you take the gun inside, this "trapped" air will warm and the pressure will increase. For example, if it was 30F outside and 70F inside, a pressure of 2000psi would rise to over 2160psi. Thus when you take the warm gun back outside, the first shot will be at this approximate pressure. Granted, this hypothetical example is based on a pretty big temperature difference, and that's not enough to explain a 865fps -> 1000fps change. However it could be a contributing factor where there are multiple things at play.