Hi Pratik,
Thank you for the information, that looks very promising. If you are using PSM level results with a single search engine, using target only should not impair your results as far as I can see. If you encounter any issue, don't hesitate to contact us and we will fix it. Also, if you encounter performance problems, in terms of speed or memory, I can look into it - the tool was not really designed for such gigantic databases :-)
PeptideShaker has various metrics for the evaluation of the quality of matches which we use on top of the target/decoy approach (the difference between green and yellow hits). These include precursor mass deviation, coverage of the sequence by fragment ions, spectrum annotation, etc. I guess these would be relevant in the first step of your process. You will find them when designing your export after clicking on "see advanced features". If you are missing anything there which could be helpful to evaluate the quality of a PSM, we will be happy to implement it.
Best regards,
Marc