Hi trymoremore, unfortunately we can't create pattern swatches from PlacedItems using new PatternColor().
As a workaround you can record an action to Make a Pattern, then you can play such Action using doScript() function.
to record an action to turn placedItems into Pattern Swatches
1. select your placed item
2. embed it
3. open Actions Panel, start recording
4. Insert Menu Item...(in Actions Panel Flyout Menu)
5. Object->Pattern->Make
6. Exit Pattern Editing Mode (in Layers Panel Flyout Menu)
7. Stop Recording

then in your script, with your embedded placed item selected use
app.doScript("yourActionName", "yourActionSetName")
in my example, it would be
app.doScript("recreatePatternMaker", "test")