Hello Brendan, my guess that it could be cause by the non-standard N2O cartridge.
Yours could be shorter than the average spec, so the gas was leaking.
The cold handle is the main symptom of this failure.
Try to switch to a different brand of N2O.
On version 1.0 like mine this case is quite common, but I think there already some improvement made on the cartridge cap for version 2.0
There use to be a discussion about it on
http://help.mypressi.com/discussions/problems/6-pressure-doesnt-last-long, but I cannot found that link anymore.
my sole obsession : "to make espresso that everybody loves" NOT "to make everybody loves my espresso"