Nope. I cheered too soon. Not working. The new xPDO does not have the MODx data mapping.
So i ran through the API docs and found you can add a configPath when creating a new MODx instance.
Now it works:
$mam = MODX_API_MODE;
define('MODX_API_MODE', true);
$m2 = new modx(MODX_CORE_PATH."components/mycomponent/"); // Don't include the 'config.inc.php' filename itself.
$m2->initialize('mgr');
if($mam!=MODX_API_MODE) define('MODX_API_MODE', $mam);
(Added the API MODE to stop the new MODx from handling the request.)