If you are looking to verify an updated TLMSIPO before a REINIT/INIT, change the PARM to TESTD and update the TLMSOPTS DD with the location of the new TLMSIPO member.
*********************************************************************
//** PRINT TLMS OPTIONS **
//** PARM=PRINT = ACTIVE TLMS IPO **
//** =TESTD = IPO FROM DD TLMSOPTS **
//*********************************************************************
//STP001 EXEC PGM=TLMSLDIP,PARM=TESTD
//*
//CTSOPTNS DD DISP=SHR,DSN=YOUR.PPOPTION
//*
//SNAPDD DD SYSOUT=*
//*
//SYSPRINT DD DCB=BLKSIZE=133,SYSOUT=*
//*
//CTOPRINT DD DCB=BLKSIZE=133,SYSOUT=*
//TLMSOPTS DD DISP=SHR,DSN=YOUR.PPOPTION(TLMSIPO)