This is the scenario.
The party barbarian is reduced to 0 HP exactly by a full attack from a powered-up skeleton. His temporary HP bonus goes away and ironically, he is reduced to negative hit points that are literally one greater than his (negative) con score.
Here's the kicker - he's bleeding.
Immediately after the baddie goes, the barbarian's turn is up in initiative.
The question is, can he delay his turn, not taking the bleed point? Even MORE ironically, the party healer is immediately after him on the initiative chart.
Why would the barbarian's temporary HP bonus go away at 0 HP? He is still conscious so his Rage didn't end. Were these temp HP from some other source?
None of that really matters to your real question, which is, can someone delay their action to avoid bleeding?
Answer: No.
Reasons:
1. There is no end to delay. You can delay into the next round, and then in that round, you can delay into the next round, and so on. You could literally delay until the end of time if you want to. Which would not only prevent you from bleeding, but it would also prevent you from suffering any ongoing negative effects (up to and maybe even including normal aging). Obviously this is not the purpose of Delay.
2. Delay is an action. You must use the "Delay action" to delay. You cannot use an action when it is not your turn. Therefore, your turn begins before you can Delay your turn, which means that the beginning of your turn triggers the bleeding.
Choose either of those reasons, or both.
Good stuff! What I meant to say was that AFTER taking the bleed damage, he would be at -1, THEN lost the temporary hit points.
But either way, the question's answered. Thanks guys!