Bifwynne, I knew some of the people who were on the scientific committees that made the recommendations to OSHA.
Stevecham, I think you're doing the right thing by keeping peaks lower, but you need to know neither the auditory system nor other neural systems ramp up in sensitivity, although your perception may be concentrated with exposure. Adaptation is the mechanism, and thus it's easy to expose yourself to higher and higher levels.
Re fast v slow trajectory for an SL meter: Except for very high level peaks, gun shots usually, noise-induced hearing loss is a cumulative process. The military took advantage of what's called the stapedius reflex, in which the stapes is pulled slight away from the ear drum in response to a loud sound, by sounding a loud horn before firing a large gun. The purpose of such a reflex has been argued, but severe sounds are not part of our natural environment, so it's unlikely it was developed over time to provide protection from such sounds. Using fast trajectory is OK, but it makes it more difficult to estimate the cumulative SPL exposure.