"...and if I did overshoot in OPCO favor when I became comfortable with that I would adjust the fee down again."
I agree. As time passes and we gain more experience, the fees will be adjusted (hopefully just tweaked) so allow for subtle deviations from plan. These adjustments could go in either direction.
My problem with Sundowner is that he seems to be saying: The market hates uncertainty therefore instead of allowing future adjustments to the fee agreements between OPCO and PZN, let's just go ahead in one fatal swoop and give the store away to OPCO. That removes all future uncertainty and everybody will be better off.