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From: Graceland in a Not Correctly Restored Stingray
Vehicle manufacturers have been know to fudge inflation pressures for their own reasons (most commonly ride comfort), but I wouldn't advise setting them by any other criteria than those that fall within a given tire manufacturer's recommended minimums and maximums which yield the most even tread wear under normal operating conditions. Noting that spirited driving &/or racing aren't exactly normal conditions, the above may still prove somewhat more applicable than one might think.
IMCO, if you've already got a weak frame you most likely can't safely reduce tire pressures enough to lower your effective wheel rates to a point where it will make much difference. Bottom line: Don't compromise your tires, as they're the only thing keeping you out of the ditch. Fix the frame. My $.02