"I mean if I'm hosted in the USA on a .com but select Ireland, it is possible to show up in PFI?"
Looks like it, though you may need to show a G map supported physical presence here, it's brand new and details are still sketchy....
"My main concern for this is that if its a .co.uk and hosted in the UK then its .com (american basically) rankings would be hurt."
The US G.com is as regionalised as G.ie so I wouldn't target the US with a ccTLD even if hosted in the US, rationale being that ccTLDs wouldn't turn up in PFI even with an Irish IP.
"..site hosted in the UK and with a co.uk will provide more of a regional skew boost.."
AFAIK there's been no sign of that so far though quite a few favour that belt and braces approach anyway.
"Why do people think I've changed my keywords lately? "
Usen't you target internet marketing rather than SEO?