Did you purge the co2 in the head space? Also 5 gallons is a lot to chill. It might not be at 35 yet in 40 hours.
It's actually 4 gal in a 5 gal corny. I didn't purge anything. I took the keg with the valve attached that had been fermenting @ 70 deg F & 34 PSI and put it in the keezer. I didn't raise the pressure to 34PSI until I was 4 points from FG. Up until that point, it was set for 5 PSI. I was under the assumption that the pressure should drop to ~ 10-14 PSI once it chilled, you might be right, it may not be at temp but it should most certainly should be by tonight. I've got the temp sensor taped to the keg and insulated with bubble wrap.
I'm guessing at this point I'm going to have to drop the spunding valve pressure and let it set so that it out gasses over a period of time.