HP5+ is a medium speed and somewhat grainy film. Compared to T-Grain films the grain can be rather hard. Perceptol will lessen this 'harshness' a little.
Perceptol stock will minimize the grain but will make the grain more mushy - as apposed to 'defined'. The more you dilute the perceptol the sharper and more pronounced the grain will be. It will never be as pronounced as say dilute D-76 (which I would call giving HP5+ normal grain). Perceptol is after all a fine grain developer.
So, if you want the finest grain with a slight loss in apparent sharpness, use it without dilution. If you want to increase the sharpness, with the subsequent increase in grain size, dilute it - the more dilution, the more the sharpness will increase but the higher the obvious grain. By the time you get to 1+1 or 1+2 you are getting grain of D-72 but with possibly a sharper negative.
John
pictorialplanet.com