Unless you drool like a mad man, I think that’s plenty of room for the condensation (cesspool)... never was a fan of system pipes, think they are gimmicky. I do love me a good Pete though, I have some Peterson’s from the mid 70’s that smoke terrific. I have some newer ones that smoke okay. Oh I also hate the p-lip.
Congrats though! Just cause it’s not my thing doesn’t mean it can’t be your thing. The pipe looks fine.