Hi Philip,
Last I heard about this one - and that was a long time ago (I stress that) was that Dr Chrissen Gemmill (Universty of Waikato) thought it was a new species and was going to formally name it. For me I'd first like to see a thorough critical revision of the Pittosporum tenuifolium complex, using multiple DNA markers and AFLP data coupled with modern morphometrics before I'd get that excited about the Stephens Island "race" being anything else but a race. Either way its a nice plant, popular in cultivation right now, and, funny thing, horticulturists often figure out new species by growing them long before taxonomists get around to recognizing them...so you never know.
Cheerio
Peter J. de Lange