Usually benzo formulations for injection contain an alcohol (ethanol or benzyl alcohol), propylene glyco (main solvent)l and PEG 400. However, the BnOH is not used for solvent purposes, its simply used as a preservative/bactericidal agent.
The reason i said Ethanol and not PG alone is because i've personally had issues getting it to dissolve in PG. However, my PG was not 99% pure, so that may have been the problem. But yes, if you can get a high concentration of the benzo to dissolve in PG, you don't need ethanol, unless you want to add a little for bacteriostatic purposes (I believe benzyl alcohol is superior in this regard, but ethanol still is a relatively powerful bactericidal agent). I suppose if your ultimately running it through a .2 micron filter, you may not need a bactericidal agent.
Again i think its best to use as little of phenazepam solution as possible (like 10 units), and then add 50-60 units of bacteriostatic water, regardless of the solvent you decide to use.
But yes, PG is theoretically better if you can get it dissolve in high concentrations. I've just had a hard time with it. Perhaps the PEG 400 would increasing the strength.
I haven't done it, but I assume that if you added bacteriostatic water to a PG or EtOH solution saturated with phenazepam, the phenazepam would stay in solution.
Again with phenazepam, it might not be worth while, unless your a fan of ativan ampules.