The Multiple Shift Maximum Element Sequential Matrix Diagonalisation (MSME-SMD) algorithm is a powerful but costly method for performing approximate polynomial eigenvalue decomposition (PEVD) for space-time covariance-type matrices encountered in e.g. broadband array processing. This paper discusses a newly developed search method that restricts the order growth within the MSME-SMD algorithm. In addition to enhanced control of the polynomial degree of the paraunitary and parahermitian factors in this decomposition, the new search method is also computationally less demanding as fewer elements are searched compared to the original while the excellent diagonalisation of MSME-SMD is maintained