Dave,
All of these sorts of corrections are done in the proprietary software (be it Phocus, C1 or the Pentax equivalent). All the camera does is meta-tag the image. If Pentax computes optical corrections/optimizations for these older lenses, there is no reason the couldn't add a firmware option to input the lens data manually from a menu a-la the M9.
I, too, will be interested to see how the older lenses work, especially the 67 glass.
- N.