Resurrecting this post. (For some reason I didn't get notified of those last replies, and so thought the thread had gone dead. Thank you to the PCX community that offered their input back then!)
So. The drama continues!

And has gotten much worse! Some of the questions you guys had asked (eg re the presence of
white smoke/steam are now occurring).
Since I first posted, Mech2 has changed both the thermostat and the switch. He also put on a 1.1 bar radiator cap.
But I still get coolant pushing up into the reservoir, and the temp warning light going on,
every single time I ride.

Mech2 also 'redirected' the overflow pipe at the top of the reservoir tank to hang down the left side so I can essentially now see as steam and coolant drips out. I have to top up constantly (currently using a cheap pre-mixed coolant since I'm basically just donating it to the road!). Liquid in the overflow tank is bubbling hot and steaming, every ride (even short ones).
Sometimes I feel like there's the slightest loss of power, but it may also just be because my hand slips a little on the throttle! There was only that once, right in the beginning, that I completely lost power.
Mech2 is now wanting to replace head and base gasket (which is what I'd wanted him to do in the first place, on Mech1's suggestion!).
My questions to the community:
1. What are your thoughts re the head and base gasket replacement? It's going to cost me about 20% of what I'd originally paid for the bike, and near double what I've already spent on trying to resolve this issue. If there's a good chance it'll fix the problem, then it's worth it based on the cost savings of the bike... but if not... :/
2. This "skimming" thing -- is that a specialised job, that not all mechanics would have the skills/tools for? Mech2 commented once that "these bikes hardly ever need that" (i think referring to smaller scooters, not sure he has other experience with PCXs) and I think he was kind of implying that he wouldn't do it. Going to another mech at this stage isn't really an option, because I'm pretty sure I'll get charged EVEN more for the job (because it's this repeated work with Mech2, I've managed to convince him to give me a discount on the head gasket replacement job).
3. One of the supposed 'quick fixes' Mech2 suggested was to buy a higher bar radiator cap. He'd tested a 0.9 vs the 1.1 and said that it pushed out less with the 1.1. Should I do that? Or will I just be creating a higher pressure system inside all these inner workings (that I really don't understand too well!) that may worsen the problem and cause whatever might be slightly-damaged to really just completely break? (eg if it is a damaged gasket situation - will increasing the pressure in the system with a higher bar radiator cap just possibly worsen that?)
4. Would using higher grade, and less diluted coolant make any worthwhile difference? (eg all this steam that's coming out now - is that the water in the coolant mix, and if i decrease the amount of water vs coolant, will it make it any better?)