Testing for a cause of occasional power loss

[squeasel]

Greetings All,
Our 2003 3.0L US Spec has started to have an occasional power loss issue. There is hesitation on acceleration after coasting (like after throttle off exiting the freeway, then hesitation with throttle on until reaching about 3K RPM). It happens only occasionally and started maybe a few months ago. I have thrown no codes according to my OBD II scanner and I do not have access to other BMW specific software. Do these symptoms sound familiar?

My initial thought is to test fuel pressure and the Bentley manual covers first tests and later tests (filter, pressure regulator, etc. depending on results), and they seem straight forward (and I have the tools).

I don't want to be closed minded though. Are there better places to start? I do have a new battery but would be happy to check its functionality. I might have old spark plugs and probably should have inspected them when I did the valve cover gasket.

I always appreciate the advice received here. Thanks!