1) IP time is PIC, by definition. When you are flying with a CFI, they are logging "dual given" as well as "PIC"...even if they are not flying the airplane.
Many airlines will only consider PIC time in which your name was the one on the flight authorization form (ergo, you 'signed for the jet').
Here's what FedEx says about it on their website:
Note: PIC for this purpose is defined as Captain/Aircraft Commander of record, not simply the sole manipulator of the controls
This is why there are many folks who keep a civil logbook in which they log their time the FAA/airline way, rather than the USAF's way, because of these differences. It's mostly a problem with heavy dudes who are balancing PIC/SIC/Other time on each sortie.
2) Since IP time is also PIC time, you don't have to worry about having "more IP time than PIC time".
Are you the Zac at RND?