CPA with PPV - Squeeze or Offer Rotator?

Hey Warriors,
It's been a while since I've posted, had to take a break from some of my IM initiatives.

But I'm back in the game, and among other things, one of my goals is to master CPA with PPV traffic. To that end I have:

1) installed Prosper202 on one of my domains for tracking.
2) I have created a custom landing page promoting an offer (using one of my LPDesigner templates that I customized.)
3) I've created a squeeze page with free report related to the niche.
4) I started sending traffic to both from MediaTraffic.

What I am seeing, and it's still early, is that neither the squeeze or the offer is converting. However, this should be a good, lucrative niche, and the offer is with a reputable network/advertiser.

So, understandably, testing my designs on both pages, as well as the keyword and URL targets, would be a logical next step.

But even beyond that, I am actually torn between just focusing on building the list (tweaking and rotating different squeeze pages until I find one that converts etc.) and the temptation to start seeing money from my efforts to reinvest in traffic. I am considering thus just setting up a rotator with multiple offers (direct linking or possibly custom LPs) until I find one or more that convert well with my traffic.

As a compromise, I tried doing a rotation between the offer and my squeeze page, however it seems that I can't use P202 to rotate those AND still be able to track conversions on each - when I try to set it up that way, the rotate function just doesn't work, it serves the same page repeatedly.

Any thoughts on the above would be appreciated to help get me un-stuck and feeling confident about the direction I should move in. I want to get this working for me, and I know I can - but I want to proceed with caution and appropriate due diligence to avoid bleeding any more money than I need to for testing and identifying the winning combination.

Thanks in advance!
-Doug