Well, you can't fault him as a businessman--the N.O. wasn't exactly the Rap capitol of the world back in '93, so, playing devil's advocate, P did what he had to do. He went someplace where Rap WAS happening and capitalized, then he moved back to the N.O. around '97 (by which time the South had its' foot in the door commercially).
He did introduce a lot of folks to some of the Bay's best through his first two WEST COAST BAD BOYZ CDs, and you can't take that away from him. The thing that fucked him up was when he started paying too much attention to trying to play basketball and shilling for the WCW and shit--Wendy Day talked about this in an interview I read online, and she said that when P was still devoting his full attention to running NL, they were cool, but when he stopped, THAT was when the finances and shit got out of whack (around late '98/early '99).
As for P as a rapper: he wasn't the most clever lyricist in terms of rhymes even during the '93/'96 period, but his flow itself was actually good (at times) on THE GHETTO'S TRYIN' TO KILL ME and 99 WAYZ TO DIE, IMHO. From MP DA LOST DON and on, though, he sounded like he had too much $$$ to keep trying anymore (and he probably did. LOL)! Just my view, though...
PEACE!