UPDATE: I went out yesterday and played with the jetting some more. I'd come to the conclusion that I needed to resist that "more is better" attitude and just pay attention to what it likes.
Started out again with 50 pilot and 160 main, 3rd step on the needle. Low end was poor, boggy. Dropped the needle, #2 groove, or so I thought, really my son moved it to #4, oops. Still boggy right off idle, duh. Started moving down on the pilot, 45 was better, 40 I really like. Decided it needed more on the top, put in the 170 and moved the needle back to #3. Re-adjusted the idle (I love that the knob works now).
Final jetting 40, 170, DGH needle on 3rd groove, 1/2 turn out on air screw. Good low end now, lifts the front end 1st, 2nd, 3rd, and I'm a big guy. Hard to steer like that, but damn, at least it wants to wheelie. Strong mid and good top. Runs like a raped ape, especially with the 14/40 gearing. I feel like I'm finally getting my money's worth out of this motor.
So, some observations about PJ's and jetting in general. A PJ does not need to to have the slide open at all to idle. Somehow it gets enough air through the idle circuit (3/16' hole!) and maybe leaking around the slide. The pilot does indeed affect idle to a small degree, everytime I changed it I had to reset idle, and this makes a bit of sense since the pilot outlet is on the motor side of the slide. The main is completely blocked by the slide at this point and therefore has zero effect. Any hesitation or lack of power off-idle probably indicates a fat pilot. Big carbs on small motors seem to like smaller pilots. More main is great as long as it responds to it mid-high, it won't really affect the low much to speak of. Set idle first, then pilot, then main.
I would like to have done more testing with the needle, I believe that's where the real fine tuning is, they control how the mid comes on. For now I'm happy to leave it alone.