You are going to react five to six grams of pseudo, right? I would use between 2.5 (min) and 4.0 ml (max) of water from the start, before I even added the I2 and long before I applied any heat. I would mix the red phos, the water, the pseudo together well, then add the I2, cap the tube with a balloon, swirl, hold in my palm a little while to feel the initial startup, then put in a sand/oil bath and bring the temp up slowly to the 100C range.
How wet is your I2 from tinc, anyway? Have any idea how much water is in it? If not, why not dry it well, and then add a measured amount of water to the reaction? At least you know how much water it takes to make things wet, rather than guessing at it, as you are now.
I've used damp I2 before, but I cannot recall ever having I2 so wet that I did not need to add water at the start of a reaction.
I would cook the wet reaction for a day or a day and a half at 100C or thereabouts, probably raise the temp to 120C after the first twelve hours to counter some of the hard to remove polymers that are probably in your pseudo whether you know it or not, and then work it up day after tomorrow, never opening it up during the whole reaction.
If you insist on doing a dry, hot, fast cook you need to search some of the older posts on that method. I can do them, but I seldom do anymore. I much prefer the product of LWR's.