I've switched the jets in the TM-32 from what it comes with to your recommendations above as a starting point.
I have a question just for my own info: What's the difference to the engine switching from a Q-2 to a P-4 needle jet? Is it just a matter of the P-4 being richer (with the clip in any given groove) than the Q-2? And what's the difference between a Q & a P jet?
I also have to make the switch in my brain about the mixture screw. The BS 29 was CCW richer being a fuel screw. The TM 32 is CW richer being an air screw.
The P4 is a leaner needle jet by a large amount. Q jets are a richer jet series than P jets. Lower letters and numbers are leaner, and get richer as you go up. The range in the P series is P0, P2, P4, P6, P8, and then you get to Q0, Q2,...etc.
The needle jet is the primary fuel regulator from 1/4 to 1/2 throttle, along with some help from the needle. From 1/2 throttle to 3/4 throttle, the needle is the primary regulator, along with some help from the needle jet. In other words, the needle jet has stronger effect than the needle does at throttle settings below half throttle, and the needle has stronger effect at throttle settings more than half throttle. At half throttle, they have about the same effect. So, when you do your plug chops to check mixture at the different throttle positions, you know what to adjust.
You are correct about the air screw direction. The normal starting point for beginning the tune-up is the screw is 1.5 turns out from the fully in position. Any adjustment that is more than 3 turns out has gone beyond the adjustment range, and the next leaner jet needs to be installed, and start the screw process again. If the engine runs(doesn't die) with the screw fully in, then it needs the next richer jet, and start the screw adjustment process again.