Using analytic and numerical modelling of fibre transmission systems that employ optical phase conjugation (OPC), we show inter-channel cross-phase modulation depends on the integrated square error between nonlinear profiles before and after OPC and that arranging amplifiers and tuning power levels is crucial to minimizing noise. We derive modulation transparent formulas for phase noise and optimal power settings. Examples are shown for 16 and 64 quadrature amplitude modulation.