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I think I am mainly confused by the vagueness of OP's post in several instances. Maybe it is possible to fill in some of those gaps? E.g. how and where exactly do we compute $\Sigma_2$ truths and how would that lead to a truth predicate for $V$?
Also note that if $\operatorname{cf}(\kappa) > \omega$, the approach in Lemma 1 still yields $\operatorname{cf}(\kappa)$ many functions commuting with $f$.
@Pietro To be honest, I didn't read the proof I linked. My claimed proof was purely based on Dominic's comment below that answer. So, until I have more time to investigate, exclude the case $\kappa = \omega$ from my answer. I'll handle this case asap.
I think I can prove that we have at least $\operatorname{cf}(\kappa)$ many functions that commutate with any given $f \colon \kappa \to \kappa$. But unfortunately I have to run some other errands first.
Right. On first instinct I thought that adding the predicate $\mathcal{P}$ may end up pushing the complexity of the powerset axiom to $\Delta_0^{\mathcal{P}}$, but that's not the case. After checking the papers once again, I'm fairly convinced that Steel's power admissibility is the one you linked to, but without the powerset axiom. Thanks for your help!