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I only did it with some trepidation as I'd had a slipping seat post on PBP (my fault - dropped it slightly half-way round to help with saddle sores and didn't tighten it properly) and my knees were very sore at the end. Luckily they didn't rebel against this adjustment though or else I would have been stuffed.
The other thing they say to do is to move cleats back, but it sounds like you couldn't do that either (nor could I - mine were as far back as they could go).
Unfortunately the saddle drop wasn't an option for me. My knees are a weakness (5 surgeries) and were my biggest worry going in. I'd had a slipping post on a training ride and it caused serious problems. Glad to hear it worked for you though.