Thanks for the link. I did find some other info. The most elegant options seem to be either
disabling PSTs altogether or investing in a backup system that only copies the portion of files which changes from version to version. As for the way that OL locks PSTs, it seems some backup systems have features such as "open file support" (Tivoli) or VSS (Bacula).
We're investigating the marginal cost of a backup system with the necessary features, although I suspect server-based storage/backup is the cheaper approach.