Paul, I have not found any IBM doc to indicate that PDSE solves the problem.  
The JES2 Init&Tuning Guide simply says:
To ensure performance and integrity, do not:
v Allocate additional extents or release extents
v Compress a PROCLIB data set
v Defragment (move) a volume containing a PROCLIB

My understanding of PDSE is that all enqueue's must be released before SMSPDSE 
will reclaim space. Do JES2 (with NODSI in PPT) and SMSPDSE play well? This 
proclib (and our VTAMLST) is always in use.

I don't have a response to your questions on STOW.  

Thanks for asking, please vote! 

Bruce

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