Both quite possible. Or maybe he fitted 155-profile front tyres (lower rolling resistance) and is also now enjoying 45mpg fuel economy (and chronic understeer)!
I'm with you - geo is top suspect. Tyres I would be inclined to doubt - I can believe that a pull to one side or the other could be explained by funny wear patterns on tyres, but overly light steering is something that is not to do with balance (as in, it's not explained by a pull to one side or another) so I'd doubt it is tyre-related. It *could* (perhaps) be due to very new tyres, which have very large (tall) tread blocks that move around a lot, thus offering less resistance to the twist of steering, but I doubt this would make enough difference to be noticable.
(On the topic of tyres, this is very interesting and makes a good read:
http://www.carbibles.com/tyre_bible.html
Look about 5/6ths of the way down on Page 1, at "What about the coloured stripes in the tread?" I am semi-wondering whether this is relevant to Charles's situation as well, but slightly doubt it as it says it leads to a pull to one side rather than general lightness.)
General comment about changing rubbery and wobbly geometry bits after 20 years and 140,000 miles - yes.
Your memory serves you correctly in terms of the geo settings I asked for. (Yes, I can't understand why Porsche offered so many different factory-settings, unless they simply had a team of designers who changed their minds as to the favored behaviour of the car as the years passed.) However, Charles went to the same geo place as I went to, and asked me what settings he should ask for before he went, and I sent him the print-out for mine. So he should have something that's pretty close to that which I have.
Yes, I felt it made a huge difference, but I never directly compared old geo with new geo. I had old shocks with old geo, then changed everything and set the geo as best I could at the side of the road with a spirit level and bit of string, then took it in to be fully re-geo'd. (Apparently my attempts at getting the geo right ended up with wheels doing impressions of satellite tracking dishes, they were so far out.)
I do sometimes wonder how much of the handling improvement I experienced was due to the new shocks and bushes, and how much to having correct geo, but that's a different thread.
Oli.