Hello Zor'
I have little experience with PHM, however I have been liking CeRegEditor for most of my edits. It installs on your PC and works over ActiveSync.
If you are looking for a powerful, portable editor (IE on device) check out TotalCommander as it is a great file explorer and reg editor.
http://www.freewebs.com/tspinning/ce...%200.0.3.1.exe
http://www.freewebs.com/tspinning/tcmdpocketarm.cab