Does גפ״ת (which stands for גמרא, פרש״י, תוספות) have a conventional pronunciation, as do שליט״א ("shlita"), תנ״ך ("tanakh"), etc.?
In my over 20 year experience in the Yeshiva World (in the Mir and in BMG), גפ"ת in almost never pronounced or used verbally. It's essentially a written expression, not a verbal one. In speech people tend to just say "Gemara Rashi Tosfos", so it's neither an acronym nor an an initialism (see https://english.stackexchange.com/questions/87381/does-pronouncing-an-initialism-make-it-an-acronym ).