I would be concerned about two things, which would guide the next steps of my investigation:
1. 40cm might be OK but might introduce risk for signal integrity issues. Some have used twisted pair cables or drivers when using this length.
2. I am more concerned with the limitation that this could be placing on the VDD voltage's ability to respond to the start-up transient current demand.
I am not sure that I understand the need for a pico amp meter. Steady state current should be ~254mA.
I hope that this helps. Look forward to you response and observations.
Best regards,
NevadaMark