After some tweaking, the QSGMII TX waveform isn't overshooting.
But when I soldered an AKL-PT5 on, I saw a huge dip around T=25ps that I don't remember seeing in the handheld probe view (maybe it didn't have enough BW to show it?)
I repeated the same measurement with a D1605 (shown here) just in case it was an artifact of the PT5. Other than a bit less noise, the eye looked identical.
Need to check and see if the remaining QSGMII lanes have similar issues or if this is the only one, or what. It technically passes the QSGMII eye mask so it *should* work but I wouldn't want to field it looking like this!
RX drive strength is a bit higher than spec, but the FPGA will happily eat it so I'm not concerned.