I'm not sure that I solved anything, but after some testing modifications my perspective has changed a bit.
I transitioned my Gapidraw code to be closer to the Edgelib version (apart from the diff in gfx libraries the code should be exactly the same now) and found the the GapiDraw version is experience a performance drop as well. (both versions run fullscreen whereas my original gapidraw code runs in windowed mode based off the GDIDemo sample)
However the startup tests still are very clear that something is not right with my edgelib code. The fullscreen GapiDraw version still starts up instantaneously whereas the Edgelib version (after some proper timing checks) actually takes about 17-20 seconds to start. Unfortunately that is very much too slow for reasonable development.
Thanks.