I'll get to this over the next few days in the
Gippsland Tour report that I've started in the Tours section.
In short, with 45F/50R in the 50mm Schwalbe G-One Speeds on my loaded Mercury, the bike was all but unrideable on this road, resonating over the corrugations so violently that the front panniers partly demounted and my ride companion could see daylight under the rear tyre. Even at quite low speeds - say 15kmh.
Reflection led me to drop pressures for a similar section of road two days later. I dropped them until a two-handed thumb squeeze made a big impression - down to about 25-30psi it seemed when I reconnected a floor pump at the of the trip.
Result was the bike rode the corrugations like they didn't exist, even at high speeds on descents. Rolling resistance on bitumen increased marginally - my bike still rolled faster than my companion's on its 26x1.5-in Marathons at 80 psi. No other downside that I could determine.
If you cut pressure enough, it appears the tyre will lose its profile when cornered hard. Mine didn't.