Thanks again for the discussion, I was just interested to see what the general opinion was among more experienced pilots. From the visual judgement, we weren't far off the PAPI and it felt like and easy correction could be made to get back onto profile. I was mostly wondering if 4 reds below the landing gate would be an automatic disqualifier of the approach. My conclusion would be, in the real world, the answer is not black & white and it just depends.