The manufacturer's specified pressure is for sustained running at max speed with max load. So, unless you're going to cruise at a steady 170 with a passenger on the back, you don't need nearly as much air as that.
For riding hard in the twisties, I run 32/32. For "normal" riding, 34/34. For road trips on the highway, 34/36.
Also, just FYI, the California Superbike School (i.e. Keith Code school) uses street compound tires on the student bikes (Dunlop D208ZR last time I checked), and they run 32/32 in those for the students' track use.