Don't get me wrong Budd, the PP is an
excellent portfolio, and far, far better than 99% of anything else, IMHO. The PP offers great performance and excellent protection in all major economic climates plus a bit of "catastrophe insurance" in the form of physical bullion. But one thing it's not is a no-to-low volatility portfolio. It will avoid crushing multi-year drawdowns, but you gotta be prepared for the day-to-day fluctuation to sometimes include big drops. That's true of anything that's not 100% cash, including a 60/40 portfolio--even more so, in fact.
There is nothing sacred about the PP, and I don't think there's anything wrong with taking the PP framework and asking yourself how it works, then tweaking it to match your psychology better while preserving its core insights. Adding more cash to dampen volatility, for example, or even removing cash and accepting higher volatility and vulnerability in a tight money recession. Either of those portfolios are certainly "PP-like."
In the end, I think the most important thing is to implement a portfolio that matches your psychology, not adopt something and then rigidly stick to it no matter what, regardless of how it makes you feel. If your investment portfolio doesn't match your personal psychological risk profile, eventually you'll break and sell at the worst time. Ask me how I know this…

Human behavior is economic behavior. The particulars may vary, but competition for limited resources remains a constant.
- CEO Nwabudike Morgan