julioflo - I don't think there's a hard and fast relationship between the 2.
I set the SPV pressure quite low relative to Manitou's initial setup guidelines - at around 100psi. That leaves a bit of visible shock movement from pedalling - but not anything that I actually feel. I think that setting SPV pressure to eliminate all shock movement is too high - and I can happily live with the small amount of movement.
Small changes in SPV pressure seem to make quite a big difference though - so hopefully you've got an accurate shock pump or pressure gauge.
You need to set SPV pressure, and then readjust sag. FWIW - I tend towards the low end of the recommended sag range - 20% to 25%.
Finally, try to keep it clean and greased. The first time I did this, I discovered that a large amount of stiction, rather than air pressure, had been holding my bike up previously and the shock did wallow pretty badly until I put more air into the SPV chamber.
Hope this helps. It's not the latest tech - but I don't think it's a bad shock. Plenty of users seem to find that the SPV platform is adjustable to give more in the way of small bump compliance than Fox propedal.