This is a rare case in which Dick has (the third pitch of) the route wrong, at least historically. I'm sure of this because I made the second ascent with McCarthy, a week or two after he made the first ascent with Robbins. The historical third pitch is what Grey Dick calls the 5.9 variation to P.R.; it is drawn in with a dotted line on the cliff photo. The pitch described as the third pitch of GAF is the original third pitch of PR, however, it was almost certainly done before Stannard did the 11d first pitch.
By the way, I've done the No Belle Prize variation and it scared the daylights out of me---I recall overhanging 5.10 moves 20, perhaps more feet up with a ledge fall in the offing. This was in the days before cams; perhaps Aliens would now make a difference.
As for pitch two, it seems to me that since 1966 rock has fallen off below the crux overhang, leaving a rather unstable (by Gunks standards) area below. You can't help but wonder whether any gear placed below the the overhang will simply serve to remove more rock if it is called on to stop a fall. This is speculative, of course, but the sensible thing, in my opinion, is to treat this as an R-rated pitch, although it is no looser than many pitches one might find in other areas.
The route sketch in Grey Dick has you heading too far to the right on pitch two. However, if you do go out that way, the rock is better and the hardest moves are, I think, quite a bit easier.