Poncho wasn't as good as we had hoped. Two interesting raps (the second one was 155 feet), but no slot.
All canyons are worth doing once, but not twice. I wouldn't do Poncho again.
After doing the canyon, we checked all leads on the walls down creek between Poncho and Gem. Once someone started a rumor that someone did Gem via a nearby cattle trail, but he was FOS (I had already suspected since someone else "in the know" had already refuted the story). There are no cattle trails to the rim from Muddy Creek below the slope not far down creek from Dizzy Trail/Cat Canyon. The only way you could get a cow to Muddy Creek in that entire section of canyon on the north side would be to shove it off the cliff.
After carefully checking out three other places found a really rugged exit chute out of Poncho just before it hit Muddy Creek so we used it to return back to the cars.