First, take a look at some resources (non-HBT) for times and temp for pasteurization. 140 for 15 minutes is not hot enough. (The lowest I have seen is 145 for 30 minutes.)1 60 seems to be suggested, and then it only has to be at that temp for 6 seconds. It seems like allowing for a margin of error would be good - 160 for a few minutes.
BUT, it's not the temp of the water the bottles are in, it's the temp of the liquid in the bottles.
An easy way to make sure that you're measuring the temp of the contents is to have one bottle uncapped in the batch. Put your thermometer in that bottle.
You can experiment with it to see if you can heat the water to a certain temp, then kill the heat, and if the contents will hit the right temp/time combination.
HOWEVER, I would be careful with PET bottles. I don't know how hot they can get before they start to melt or shrink. If they get thin spots, they might not hold the pressure.
Eye protection in any case...