There are SAP OSS notes about vmtune/vmo settings for an AIX ORACLE/SAP DB server. If I remember right, there's a 5/10/10% or 3/8/8% rule for minperm/maxperm/maxclient depending on the server's RAM size (but the ORA table buffer in the SGA needs to be large enough and have a good hitratio because you're taking away memory from LVM's file IO buffer, which is normally there to limit the amount of diskreads). But if your server uses memory for fileIO buffer and causes excessive paging for computational pages (like you experienced) then that's not doing your server perfomrance a lot of good.
As to pre-5.3 tuning or not, that's just for ease of use. With pre-5.3, you're on your own for making sure that the settings you apply will survive a reboot. (e.g. /etc/rc.tuning and an inittab entry you create yourself). With the new way of setting tuning parameters, you can specify NOW and/or NEXTBOOT, and the system will take care of setting params on next boot like you specify.
HTH,
p5wizard