On Monday, I hooked up an AG4395 to the PMC error point (using the active probe). The idea was to take a spectrum of the PMC error point every time the FSS PC drive RMS channel indicated an excursion from the nominal value. An initial look at the results don't suggest that this technique is particularly informative. I'll have to think more about a workaround, but please share your ideas/thoughts if you have some.
Also, the feature in the spectrum at ~110 kHz makes me suspect some kind of loop instability. I'll measure the IMC loop OLG at the next opportunity.