OK, you asked for it. If you do not need to gather Module identification information, you can run the Performance Sentry collection service under a User Account. You can only set the Collection Service to run under a User Account manually using the Services Administrative Tool, which is illustrated below:

To function correctly, the User Account that [...]

Yes.
By design, the Performance Sentry Collection Service (dmperfss.exe) is installed to run under the built-in LocalSystem (SYSTEM) account. This built-in account, which most services use, has the authority to perform almost any internal function on the local machine. However, the LocalSystem account has no built-in facilities to access secure network resources, such as shared network [...]

No, to function properly the Performance Sentry collection service should be set up to run under the LocalSystem (or SYSTEM) account. The LocalSystem (or SYSTEM) account is a built-in account used by many services with an extraordinary level of privileges for accessing local system resources. These include privileges that cannot be granted to any User [...]