well, I installed the p2pool server, but the hash-rate still varies and is mostly low (under 1T or so). The server does not look overworked. Got a lot of dead on arrival shares, but seems it adapted difficulty and it worked pretty clean since. Except for the hashrates :-/
I guess I get back to mining BTC and think about this...
Edited, what else - the hashrate reporting is quite surprising:
Terraminer web console reports about 1TH/s, cgminer (avg) 1.2-1.3Th/s and p2pool 1.5TH/s
at least the two first should agree (?), but still the difference is quite large.