TSP2

Is there anything is a spec somewhere that addresses whether or not you should see milkiness in an emulsion that has set for 24 hours?

The milkyness is a sign of polymer creaming -- i.e., phase separation. Most of the specs I've seen indicate that after thorough mixing, no signs of phase separation should be evident. But I don't recall seeing anything specifically relating to creaming per se. However, evidence of creaming indicates phase separation, hence, this would violate the provisions of most specs.