I tested my fuel pressure in my truck with the key on engine off and the psi went up to 60 then almost immediately dropped... does this mean my fuel pump is bad?
This means your fuel pump is coming on like it should. The pump will cycle on for a few seconds and then turn off if you just turn the key to on. This should happen each time you cycle the key.
60 psi is normal also. The pressure should stay close to 60 psi after the key is off for a long time to keep pressure at the injection system.
If the pressure drops to 0 psi real quick then you have a leak down problem and the fuel system would need to be checked to see if it is the fuel pump, pressure regulator or injection system not holding pressure. The pressure regulator and fuel pump are the most common failures of not holding the pressure.