RonMc, I have a mostly 'stock' install but I have edited my search paths for the terminal. As I recall PsyncX installs the command exactly where you point (and a check of my system confirms). You should be able to run with the path but may need to run as 'sudo' (which you may have). In the past I have used 'cp' or 'mv' to place the command in the root /bin with no problems.
For me a quick test of a folder shows it is working. I am ecstatic! I tried to compile the latest version after applying the patch and failed as well as when trying to force the gcc compiler as one tip suggested.
psync (and thanks to PsyncX) is indispensable as far as I am concerned for OS X.
PsyncX
backup utility
Version: 2.2.2