What would cause lower legs to appear pinkish, fairly evenly as in not hivey or bumpy, but blanch when pressed and stay blanched for minutes?

Need more info: does it hurt? have you been in the sun? When there is redness that blanches when you touch it, usually it is some form of inflammation. It can be because of sun, food, or some other allergic reaction. Perhaps you used something to shave your legs or for hair removal that you reacted to?

Poor blood flow: You are describing a test for cardiac output called capillary refill, which determines whether the heart is pumping enough blood to the extremities and filling the smaller blood vessels in the extremities. The amount of time in seconds, for pressure on the body part to blanch with pressure and then recover a pink and perfused color afterwards predicts if cardiac output is abnormal (>2-3 sec)