Look at Michelin's web site or contact them and see what the hot off the track pressure should be. This is what you need to go by. If this is your first trackday cold pressures may only be a pound or 2 under your hot pressure setting but you may have to play a little bit. Suspension settings, bike wieght, track surface and condition and how you ride can all effect were your cold pressure needs to be set to achieve the desired hot temp. Also dont be afraid to ask around at the track. you just may find someone who is familiar with the tire you are running.
I called michelin Consumer Relations Department Tel : 1-800-847-3435 and talked to a tech rep and talked with him about 20 mintes. Few things he said.
1. 2ct front tire has softer shoulders. 10%
2. Rear is 11% So i guess thats where they get the 22% from
3. Tire pressure. For highway, use what bike manufacture recommends, for the track, he said depends on skill level, he starts people out with 28-29 for rear, 30-31 for front.
4. Asked him about the power race DOT, heat cycles. He said with newer compunds, heat cycles dont affect tire as much, but the tires dont heat up as quick, and they are NO GOOD in the rain. Said when they get wet, they get hard and slick. He doesnt recommend them for streat for that reason only. I asked him what if you are doing track days and riding street where you know you wont be in the rain, he said that would be fine as long as you are a skilled rider and know that the tires dont warm up as wuick as street tires.
Keep track of your hot pressure, that's what matter the most at the track. This is more consistent from session to session. Check your pressure right before going out for the session. Change in temperature will effect those cold psi too. Make sure you have some air supply to adjust them if required. Like people said, ask around. Most track people are nice and will help out someone new. If there's a tire service tech at the track ask them. Cold psi should be a bit lower than what you will use normally for normal riding since to work the tire much more (heat them up more = more pressure)
At least that's how it work on race cars. Tires are tires...