Greg Ogonowski has made some interesting measurements on the PPM that address the question of whether it can be put before a station's transmission audio processor or if it needs to follow the processor (or be embedded in it). The executive summary is that the reliability of data decoding by PPM listening devices does not depend on the location of the PPM encoder in the transmission chain.
http://indexcom.com/ppm/
http://indexcom.com/ppm/