Moton Hogholm suggested the solution which works just fine:
For the osf option, use the praeamble \usepackage[osf]{mathpazo} \usepackage[T1]{fontenc} \normalfont \DeclareFontShape{T1}{pplj}{m}{it}{<-> s * [.97] pplri9d}{} \DeclareFontShape{T1}{pplj}{b}{it}{<-> s * [.97] pplbi9d}{}For the sc option just use `pplx' instead of `pplj' and filenames pplri9d and pplbi9d.
The scaling factor (.97) in the example above can be adjusted appropriately. Ekkehart