According to the information sheet from Noveon, you can add up to 60-80% by weight solvent into an aqueous gel prepared with Pemulen TR2 at a pH range of 4-5.

Typically we've found that the gel needs to have a pH of 7.5-8 to effectively remove oily grime from a surface, and we haven't tried to add more than 20% solvent to a gel to create an emulsion. 

Solvent is added to the prepared gel in a screw top jar.  The lid is screwed on tightly and the jar is shaken by hand until a milky emulsion is formed and all of the solvent is incorperated.

Stable emulsions have been made by adding 20mL. or less benzyl alcohol to an aqueous gel prepared wtih Pemulen TR2 at pH 7.5-8.

Stable emulsions have been made by adding 20 mL. petroleum benzine to an aqueous gel prepared wtih Pemulen TR2 at a pH 7-8.5