I have still not figured out how to keep my system from throttling.
Some HP laptops set the turbo power limits internally to values lower than what you can set in ThrottleStop. There is nothing you can do about this. The lower values always win.
You can pull your laptop apart and replace the thermal paste but it is probably not worth the trouble. You might damage your laptop or void the warranty.
Your CPU is a locked CPU. The turbo ratios should be set to their default values of 40, 40, 37, 37. Setting these all to 40 will probably not hurt anything but it probably will not accomplish anything either.
How about set the turbo power limits to 60 and 60. The CPU might ignore these values if it sees a sky high number like 1023. You should also check the turbo boost short power max box if you want this information to be sent to the CPU.
If PL1 and PL2 continue to light up in red in Limit Reasons and power consumption reported by ThrottleStop is below 60, then you know that HP is using the power limit register that ThrottleStop does not have access to. In other words, it is game over. HP is in control of your power limits and ThrottleStop is not.
Have you tried setting TDP Level Control to 0 which is the default value? Maybe this combined with the other tricks will help get you over the TDP limit.
Other than that, I think you are getting about all you can get out of your HP laptop. Some users like myself have gotten lucky. Here is a Lenovo C930 with the same CPU. It happily runs way beyond its 15W TDP rating without a hint of throttling until it overheats and starts thermal throttling.