Yes, try it out first to make sure everything is OK.
Yeah, my red stripe sounds pretty close to the IIC+. I did a A/B test about a year ago, the IIC+ was slightly smoother and had a bit warmer mids and slightly less "icepicky" highs. The mark III was slightly more buzzy and didn´t quite have the same harmonic content that the C+ had, but I was glad to find that my Mark III sounded pretty close. So you can get JP like sounds out if it very easily.
Mine is fully loaded though, Simul-Class, eq and reverb.
Try these settings for a JP-esque crunch:
Vol 1: 7.5-8 (sets the signal strengh for lead mode aswell. Set high gives more gain to the lead mode)
Tre: 7-8 pulled
Bass: 2
Mid: 3-5
Mast: as load as you can stand (try pulling the Deep out for more oomph!)
LD Dr: 7-8 (pulled turns on the lead mode)
LD Mast: as load as you like (pulled at lower volumes, gives more gain)
Pres: (on the back) try 0-3 for smooth tones
Eq:
80 - slightly higher than halfway between mid and top line under top line
230 - just over mid line
750 - just over low line (play around with this one a bit)
2200 - just over mid line
6600 - around mid line (a bit higher for Metallica type tones)
Hope this helps!