I then chilled the keg to 38 degrees, and i would expect the pressure to drop as more co2 is absorbed, but the spunding valve gauge has barely budged.
I think the trip up here is that the pressure drop of the headspace is actually not caused by it dissolving in to the beer. When the 25psi was created in the headspace, the same 25psi was already in solution in the beer. Since the CO2 molecules are being produced in the liquid, they would instantly dissolve unless the headspace pressure was lower than the partial pressure of CO2 already dissolved. In other words, as beer is fermenting in a closed, temperature stable system, it should be pretty close to equilibrium at any given time. This is very different from the carbonation process where external CO2 is introduced into the headspace first.
The reason why pressure drops in the head space as the whole system cools down is based on the ideal gas laws. As temperature drops, so does pressure. The system is closed so the amount of CO2 doesn't change. The tank is rigid so the volume doesn't change. When you're cooling a tank that is maybe half full of beer and half empty head space, the gas in the headspace will definitely cool down faster than the beer so that co2 pressure will drop first and cause CO2 to come out of solution to seek equilibrium as it always does. As the beer temperature finally catches up (down?) to the final temperature of the tank, the headspace, etc. It will settle back in at the pressure found on the charts.
68°F @ 25psi is 2.33 volumes of CO2.
2.33 volumes at 38°F is 9.5psi
If this doesn't happen, I can only think of a few reasons.
1. The beer wasn't done fermenting.
2. The average temp of the beer at 25psi wasn't actually 68F.
3. The average temp of the beer isn't 38F now.
4. The pressure gauge is off.