23 psig (assuming sea level and a low pressure drop inlet system) gives a pressure ratio of about 2.8.  Given a flow of 33-34 lbs/min at 7*C you're well within the capabilities of the compressor given the compressor map on the FT site
 http://www.frankenturbo.com/new/webimages/large/F23MAP.jpg.  The MAP sensor will max before you run off the compressor map (at which point you've lost protection anyway).  IOW, it looks like you should be safe at 3.0 and KFLDHBN will protect you if you overboost (well, it would if the MAP sensor weren't maxed in that situation).

All this said, you're much better off figuring it out for yourself than relying on a total stranger's calculations.

At the risk of seeming pedantic, pressure ratio is just pressure at the outlet of turbo minus pressure at the inlet and isn't directly tied to ambient temp.  If ambient pressure is low (like when a storm's a brewin', or if you're at altitude), pressure ratio will be higher to the extent the compressor is able to generate the desired boost.  There are plenty of hot days with high ambient pressure where pressure ratio is lower than 'normal' and plenty of low ambient pressure cool days where pressure ratio is higher than 'normal'.

Really, KFLDHBN can come into play independent of ambient temp, especially with small turbos like the K03.

Glad you got figured out.