First, what OS are you using ? On FreeBSD, recompiling the kernel is very simple, so making the few changes needed to increase the number of postgres connections you can allow as well as buffers (-B option, should be MINIMUM 2x connection) should take no more than 5 minutes (with a quick reboot).
On other OSes, I'm unfamilar with the kernel recompiling procedure, so you'll have to figure that out yourself.
For a medium traffic site, you should have no problems using pg_connect as opposed to pg_pconnect, the speed difference is really not onticeable (atleast with all my testing on a very high-traffic DB-heavy site).
The best piece of advice I can give you is if your site is slow, or your connections keep opening and not closing: CHECK YOUR QUERIES. The queries are the problem for sure. I've had to go through my whole site EXPLAINing every single query to optimize them as best I can, and now postgres flies. It opens and closes the connections so fast I can't even see the processes on the DB server, since they close too fast. with EXPLAIN you should be able to find what queries cost too much and try to fix them, perhaps you are simply missing an index or two.
Hope that helps - Keith