The Pico does good TC, but it's probably got the wattage set to the full 75w in TC mode which doesn't work too well on Joyetech boards... drop the wattage down to around 30w (or possibly a little lower with your coil, I use claptons) Also make sure you lock the resistance before you start, and make sure the TC is set for SS not Ni or Ti.
If you're still constantly getting temp protect warnings then you either have too much wick, or your initial resistance is being read a teeny bit on the low side from my experience. If it feels like a volcano then your initial resistance reading is probably too high.
I set my coils for about 240celcius... the temp displayed on a Joyetech board will bounce all over the place, ignore it set your temp and mess with the wattage until it feels/tastes right.
For TC it really doesn't matter if your coils are spaced or not, I use contact coils all the time, however it's probably not as accurate with contact coils. It all comes down to personal preference. Either way you definitely need to make sure there are no hotspots before you start or TC will go beserk.