Well, I took the plunge and got new shoes (3 hole design) so that I could get new pedals w/ more float. As it turns out, my bike design (specialized allez elite) doesn't allow me to use the speedplay x series pedals because they do not have a limit on the float - and the heal can float inward so much that it could hit the stay (that goes to the rear wheel) while pedaling which would be a disaster. So, in the end, I upgraded from the Shimano PD-M520 to the PD-R540. The new pedal has about all the float my bike frame can handle (7 deg.) and even that needed to be dialed back a bit on the right side. But I got them prof. installed and the guy did a fit on me. He said I have no varus/valgus feet, just a slight outward turned right foot. So he adjusted accordingly and told me to ride for 2 weeks before coming in for a re-adjustment. I rode 7 miles today without any pains, and I must say that the fact that the pedal spring tension is gone is a godsend. I could feel my right foot swiveling a bit naturally while riding, and I can only assume that this motion was stunted by the constrained feel of the PD-M520 pedals. So far so good, but I want to take it slow as not to inflame the knee again.
Anybody have any suggestions on a possible training regimen to rehab it?