Monsta56,
If you have access to a dyno, this would be the best bet. But, I didn't use a dyno and still managed to get 76.2bhp out of my motor. (Of course my motor has a lot more than just PJ38 carbs on it...).
Before removing TB carbs from my MC28, I opened up throttle fully while measuring resitance on the TPS. I then removed the TPS and rotated it manually until I got the same resistance. I then put a bit of RTV to hold that position before I plugged it back into the wiring harness. The TPS fit nicely inside that little black box next to the power valve motor.
regards, Scott