Sounds like good advice it could be a can of worms, experience of others once again will hopefully save a lot of hassle and probably cost.
The PGM4 set up does appeal especially in these high tech., days but as you say it isn't all its cracked up to be, after reading various bits about it I for one will stick to my PGM3 and be square.
I saw a bit about other ecu's on sale but for a non electrically minded person the task of changing seems daunting, it would be much better if there was some way of protecting the PGM from electrical surge and rc valve seizure.
I had planned to look into a number of things this winter but it has ground to a halt as I have just got back home after a long spell in hospital and are currently recuperating after major surgery.
Do you read "Practical Sportsbikes", the January issue shows how to make your own Carbon Fibre reeds.
Your mention of using a bicycle odemeter, I did read that it is possible to use them and it complies with the MOT, as my speedo is defunct at the moment until I am able to sort it out a bike one would do.
D.