I finally got around to addressing the issue that I was having with my gun. I wanted to try one possible fix at a time to pin point exactly what the problem was so I purchased a Tubbs buffer spring from LaRue Tactical, since it was recommended to buy there since they have the best price.
Once I installed it I noticed a significant reduction in the spring tension when I cycling the bolt. The previous buffer spring was part of an Aero Precison M5 lower build kit and to me the buffer spring felt really stiff, but since this is my first 308 build I had nothing to compare the buffer spring to. I did however read a review someone wrote who was having the same issue as I was when they used Aero's buffer spring. They said once they switched to the Tubbs the problem went away.
I took the gun out to the desert yesterday with a buddy of mine and shot 40 rounds of some cheap Monarch 150 gr ammo. I used the same magazines as I did when I had FTF and failure to lock the bolt back on the last shot. All 40 rounds cycled perfectly! No FTF and the bolt locked on the empty mag every time. I'm guessing the buffer Aero Precision spring was stiffer and may have been better suited for a gun with more gas. I'm just glad it was as simple as swapping buffer springs.