Adrian,
In my experience, I doubt you are doing all that much paging.? First off, the VM/370 CP IND command doesn't show paging stats like it did in later releases, so it is difficult to know how much you are paging.
If you are a single user VM/370 system, running 16MB real, even if you had a 16MB user virtual machine, you would have to go some to cause much paging beyond a very light amount.? If you had several 16MB user machines running simultaneously with large active working sets, then maybe you could get the paging rate up to 5-10 pages per second.? With Hercules caching, it just isn't a problem.
Regards,
Bob