I think that what you've actually been seeing is the difference between F/stops and T/stops.
That's interesting. Based on the needle movement, I'm not sure that's the whole picture, but it certainly could be part of it.
I had no idea about T/stops!
I'd meter at a wide aperture and apply a correction for the shooting aperture - this is what the body usually does with K lenses. I'd try mine with an M42 lens - but it's dark at the moment...
I'm going to try that.
I had intended on leaving the adapter on, and taking it off over and over again got old really quick, so I'll probably wait until the weekend.
In the interim, I picked up a SMC Pentax-M 50/1.7 for $12, so I'll be happy for a day or two.
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I originally went hunting for the SMC Pentax-M 40/2.8 (even though it's reported as lackluster, I'd like to try 40mm on an SLR), but at that price I couldn't pass it up.
There should be a 12-step program for GAS.