Talewind:
PIC is exactly that....pilot in command. There can only be 1 pilot in command of an aircraft. For multi crew operations this is normally the captain. As a result the min requirements are 250 hrs PIC (or 150 PIC if you have 100 hours ICUS (typically used for command upgrades etc) and either 1000 or 1500 hours co-pilot time. So in your instance where you have logged the majority of your time as copilot as long as it is more than 1000 or 1500 hours copilot, that box is ticked. Unfortunately given you have 80 odd PIC hours then you either need to somehow work out how to gain the additional 170 hours (in majority of cases) or unfortunately you would not meet the minimum requirements.
All the best.