I guess if I didn't want the possible hassle of explaining myself to law enforcement or a judge, I'd probably move to the sidewalk (after signaling for 100' if practicable of course!), trigger the pedestrian switch, and resume cycling in my intended path of travel after with the pedestrian light.

Check this page for more information on how Portland marks the exact spot to place your bike at an intersection:
http://www.portlandonline.com/shared....cfm?id=145110

Call a human (listed below) at the City of Portland Bike Program and see if they can get the device adjusted properly! Danged if I can figure out from their website who the appropriate person is.

Roger Geller
City of Portland
1120 SW 5th Ave., Room 800
Portland, OR 97204
Phone: 503-823-7671
Fax: 503-823-7576
e-mail: roger.geller@pdxtrans.org

Jeff Smith
City of Portland
1120 SW 5th Ave., Room 800
Portland, OR 97204
Phone: 503-823-7083
Fax: 503-823-9194
e-mail: jeff.smith@pdxtrans.org

Linda Ginenthal
City of Portland
1120 SW 5th Ave., Room 800
Portland, OR 97204
Phone: 503-823-5266
Fax: 503-823-9194
e-mail: linda.ginenthal@pdxtrans.org

Janis McDonald
City of Portland
1120 SW 5th Ave., Room 800
Portland, OR 97204
Phone: 503-823-5358
Fax: 503-823-9194
e-mail: janis.mcdonald@pdxtrans.org

Timo Forsberg
City of Portland
1120 SW 5th Ave., Room 800
Portland, OR 97204
Phone: 503-823-7699
Fax: 503-823-9194
e-mail: timothy.forsberg@pdxtrans.org