This is a modified version of the stock Press This bookmarklet found in WordPress. With this version I use the CF Setter plugin and the Slugger+ plugin along with the DF-Styled Link List plugin to link blog in a more sane manner on iOS devices.
All you need to do is grab the code from GitHub and replace the file in your WP-Admin folder: the press-this.php file (make sure the rename the original so that you have a backup).
The current version still shows paragraph tags in Mobile Safari.