Graham,
You've raised some very good points there. From my experience of tyres on Caymans, I'll give my opinions below in the order you listed them.
The dual tread compound is the exactly same on both 19" non N - rated PS4S as on the 20" N - rated version. Having closely inspected both types of tyre at track days, the 19" has a different sidewall construction compared to the 20" PS4S N0. I have heard issues of excessive shoulder tread wear on the 19" PS4S, particularly with track day use. This may in part be attributed to driving style and wheel geometry, but on close inspection, the tyre profile of the PS4S on the 19" rim appeared more stretched on the rim than on the 20" PS4S N0 tyre.
The generic PS4S in 19" sizes are every bit as good as the N0 - rated 20". The only difference is the in the sidewall construction. The rim protection is far more pronounced on the PS4S N0. Whether or not this stiffens the sidewalls and provides more support to the tread when cornering hard is a moot point. All I can say is, that the PS4S N0 tyres on my previous 718 CS did 9k miles and 5 track days with no excessive shoulder wear patterns at all. The tyres were still on my car when I sold it.
Michelin extensively test tyres in partnership with Porsche current models only. They do not retro-test new tyres on older cars. It is no surprise therefore that Michelin recommend the PS2 for the 987, as that is the only car they have tested them on. My conversations with the Michelin technical division during 2017 confirmed that the PS4S N0 was specifically designed and tested for the 718 on 20" rim sizes only.
In my opinion, the best tyres for your 987.2 S, is Michelin Pilot Sport Super Sports. I had them fitted to my 987.2 Cayman R. They may still be available in 19" sizes for the 987, and are an excellent tyre for both road and track. To illustrate that point, I had them fitted for my participation in the second round of the 2014 Michelin Pilot Sport UK Challenge held in September at Silverstone GP circuit. Even on that high speed long circuit, the PSSS performed impressively well, resulting in my second place overall in the 2014 UK Challenge rounds. If you can source a set of 19" Michelin Pilot Sport Super Sports in 235 and 265 for your 987, you will do no better in my opinion.
I hope this helps to address and relieve your tyre dilemma.
Brian