This sets the lps IN voltage or pwm input…
The pwm from your controller drives the (probably) L input.
Lots of people do this, I follow you now I think…
Most of the lps have an ‘internal’ adjustable (via a hole) current limit. That will control 100% power… some appear to not have them…
Besides staying away from the red wire in general, make sure the splice area is as far from the case metal as you can get it. As mentioned before, justa pinhole is enough. If you have that tube of special silicone that comes with most machines, put a coating of that over the splice and extend it a bit past the shrink tube as well.
As of now I have used the heat shrink on top of the splice and then coated that past the ends of the heat shrink with high voltage tape. I’ve run it a few times since the repair and all seems to be well.