There are really only two things that matter when it comes to the final apch and landing: Where do you want your wheels to touch the ground, and at what speed? Boeing says 1.000ft from threshold, at Vref. That is all you need to know. As long as your ROD does not trigger the EGPWS and your colleague's gluteux maximus are not excessively flexed and still in contact with the seat, you should not worry much about the PAPI, as it usually intersects the rwy 1.000-1500ft down the rwy (and then you must flare).
B737 FCTM p.6.6 v.June2010: "The PAPI may safely be used with respect to threshold height, but may result in landing further down the runway."
Find your aimpoint and make the aircraft fly towards it at the correct speed. Basic piloting skills.
My point? If the chief pilot says you MUST fly PAPI down to 50ft in order to be stabilised - show him the OM page where it says that safety is always priority #1. I have seen sooo many pilots struggle to fly that damn PAPI all the way down, working the controls like a damn foosball game and completely forgetting all their basic PPL skills of pitch, power and aimpoint. The flight path usually ends up resembling the path of a sewing machine pin, ending in a grand last-second panic "adjustment" to get back up on the PAPI. This adjustment is usually too aggressive, and we end up whizzing past the PAPI with excess speed and lots of runway behind us. Then you add a limited, slippery runway to that. Aimpoint aimpoint aimpoint and then slam that sucker down before you set a new world record in floating.