Your test conclusion and logic is flawed.
Pinging a remote server to try and discover the Windows MTU is not going to work. You are actually discovering the maximum payload possible without fragmentation over the entire route to that server.
You should set the MTU on the PPP interface to a value that prevents fragmentation. Ideally you should also set the same MTU on the LAN interfaces (ethernet / wireless). If using Cisco kit a simpler solution is to use the mss-adjust setting on the LAN side to force the packet size down for the whole ethernet segment (your LAN).
As you are seeing maximum possible packet sizes of 1430 or 1432, this suggests both an ethernet backhaul of some description from the exchange and that your PPP session is further tunnelled within your ISPs network - most likely an L2TP tunnel between LAC and LNS. Unless of course you running your connection through some kind of VPN which will introduce its own overheads. You most certainly don't want to be increasing the MTU on your router.
There is much discussion about optimal IP MTU for DSL circuits, a common misconception being that having it as large as possible is best.
A more theoretical way to look at this is to consider the various transport layers that your connection uses and optimise your payload for the most heavily utilised. In the case of a typical DSL connection to the internet the bottleneck is clearly the DSL section (using ATM), so you should try to optimise for that to maximise throughput.
SO where do we start...
ATM Cell size is 53 bytes. However 5 bytes of that is used for the header leaving 48 bytes for payload.
The IP data payload your PC (etc.) generates is encapsulated into the PPP session adding 2 bytes of header to every packet.
To optimally use the ATM part of the connection (from DSLAM/MSAN to DSL CPE) you really want to fill every ATM cell completely. Bear in mind that ATM will pad the final cell for a packet if the packet does not completely fill the cell, rather than take the 1st chunk of the next packet and incorporate it.
So if your IP + PPP packet size is not divisible by 48 then you are effectively introducing artificial overhead or waste in that some ATM cells are not fully loaded.
So some examples:
IP MTU = 1400 + 2 bytes PPP = 1402
1402/48 = 29.21 (to 2 d.p.)
IP MTU = 1430 + 2 bytes PPP = 1432
1432/48 = 29.83 (to 2 d.p.)
Neither are optimal for PPPoA, the closest would be 1440 (1440/48 = 30). However, you have already ascertained that your connection can't support that without fragmentation.
So 1390 is really the highest IP MTU optimal for the PPPoA transit in this case. (1390+2)/48 = 29.
Of course this is all highly theoretical and assumes that you are going to be sending/receiving maximum sized IP packets the whole time.
Whether in practise this would result in higher throughput is questionable. On the one hand the DSL link is the bottleneck in your end to end connection to wherever you are pulling data from, so optimising that makes sense. The trade off is that you're having to generate and process more packets at the IP layer. Whilst the core fabric of the internet will have no issue churning these extra packets back and forth, your equipment might - having a decent ethernet adaptor will mitigate this in most cases.
You will still have to contend with XP's rather flaky IP stack and it's discovery methods of course.
All food for thought, not that anyone will listen of course... everyone seems to be convinced that bigger is always better when it comes to MTU.