Hi John,
I am not sure what PI design you are using, but the principle is basically the same on all of them. Also, it helps to know just what you want to find with your PI. It does make a difference.
My guess is your coils is around 450 uh or so. This should allow for a fairly fast sample time.
Now, as for your question about what to do about the detector being power hungry, you have basically answered your own question with your suggestions. Again, part of the answer to your question lies in what you want to find.
As for the easiest adjustment to reduce the current, I would use a resistor in series with the FET. Don't be afraid of reducing the current significantly. I think you will find it will not reduce the sensitivity that much to most targets, but the battery life will show a dramatic increase.
Lets say you primarily want to detect small gold with your PI. If that is the case, then you can shorten the pulse time also. However, a shorter pulse will reduce the sensitivity to copper, silver, and other objects.
Reducing the pulse on time and the current in the coil will generally allow for a shorter delay to be used. By sampling sooner, one will see a greater sensitivity to all objects, but especially gold, since a typical gold object will have a very short decay time. Strange as it might seem, this reduction in both current and pulse on time combined with a shorter delay time just might have a net effect of an increase in sensitivity to small gold obects.
There are a lot of misconceptions about what is necessary to do on a PI to increase the depth or sensitivity. The most common one is brute force (increased current) increases depth. Well, it can increase the signal coming back from a target, but if one cannot sample soon enough, that increased signal will be gone before the sample is taken. So in some cases, brute force is of little or no value.
Everything is a tradeoff when trying to design a PI. One just has to know the final objective and go from there.
I hope this helps a little.
Reg