Hmm.. I think I should update this , after having something like 15 min. chat with a nice guy from technical support from Ricoh.
Initially we had a small clash about whether the issue with P-TTL in K-01 is real or not. Their main reasoning was that the flash adjusts the power output according to how camera meters, and in this case the K-01 metered this way, causing severe overexposure. I was suggested to switch to the manual mode and adjust exposure from there. It was not really consistent since manual control ends at 1/16th of the full power, where in P-TTL flash goes as low as 1/64th.
Also he tried to convince me that this
macro flash on a K-01 couldn't cope with distances
below 50cm this one also had fallen after I pointed that the same flash works fine with K10D in distances well below 50cm, and - what's more important - the K-01 have no issues with P-TTL on AF360 Pentax flash, when used on a P-TTL off-camera cord - even in macro distances! (I tried it in macro even as close as 10-15cm to the subject !) .
So, at last I think there is somebody at Ricoh beginning to understand that there *IS* an overlooked issue with the way at least K-01 communicates with AF160 FC ring flash ( or certain production-batch of it. I was promised that issue will be investigated - so I keep my hopes up
Finally, I suggested to do the through tests of the K-01 in macro distances with both Chinese made AF160FC rings flashes , as well as AF360 Pentax flash on a P-TTL cord. The difference in how these flashes are use(ful/less) with K-01 at macro distances is striking