John, thanks so much for your hard work!
I did want to make a few comments, that may have already been made, but instead of just feeling disappointed internally I may as well put this out into the world to potentially have some effect.
I know there's limited value in anecdotal stories, but here's mine.
I've run PPM twice, finishing 69th overall in 2013 (with bib 615) and 67th overall in 2015 (with bib 211). This means both years I've been in the 2nd starting group. Assuming 151 people started in group 1, I passed an average of roughly 80 people on the trail who started a few minutes ahead of me each year. In 2013 there was limited data to seed me with, last year there was my 69th overall placing from 2013, so it was reasonable to think I may have to pass a lot of people if I start behind up to 200 runners and the same will be true this year as I have bib 202 this year.
In your post you suggest that you are only concerned about wave placement for folks who may be competitive for a top 20 spot. I'm not going to try to persuade you that that will be me (even though my stretch goal would put me close).
However, while not requesting any modifications this year, I would like to ask if the current wave assignment process "makes sense".
What are the goals of the wave assignment? I'm going to try to make a few assumptions, and please let me know if I'm wrong.
1.) Be better than starting everyone at once.
2.) Give runners the best chance to not deal with bottlenecks.
3.) Spread runners out for better aid station experience (volunteers and runners)
4.) Allow competitive runners to be as unimpeded as possible.
5.) Run a safe race with minimal passing (maybe this is a joke in a race where it's an out and back...see bottlenecking)
I reviewed your gory details and question steps 3 and 4.
Step 3 is where you give bibs to award winners, former winners and competitive entries. You try to keep from putting folks who are a little slower in this group by filtering by 4 hour ascent time. I would argue that this should be filtered by overall time to minimize need for passing during the race.
Step 4 is a bigger question. Here you give bibs to the top 50 men and top 50 women. The 50th woman last year (for example) placed 266th overall. I respect parity and equal treatment of both sexes; however, not at the expense of the goal of reducing bottlenecking.
At the end of the day this is not really a big deal, but last year I was surprised to find I had pulled bib 220 after a top 70 finish and this year while I'm not surprised to be 202 I have been asking myself "why?".
So, since i don't like to complain without making recommendations, here they are for your consideration and rejection

.
1.) For step 3, instead of using 4 hour ascent time to filter out award winners use overall time of 200th finisher for full race from last year.
2.) For step 4, instead of allotting 50 places to men and women I would do 50 for men and however many places for women as finished within the top 200 last year.
3.) Assign closer to 200 bibs within the 1-199 range. Looks like you assigned 151 this year.
I think these changes would lead to less passing, less bottlenecking and a safer course overall.
Please don't read this and think I'm dissatisfied with the running of this race, far from it and I'm excited to toe the line in group 2 this year!