Set pressure cooker to the sauté function, and heat 2 tablespoons oil in the pot. Stir in garlic, red pepper and black pepper, and cook for 1 minute or until fragrant. Stir in tomatoes, salt and basil sprigs; cook, stirring occasionally, for 10 minutes (note: lower the sauté function to low or briefly turn the machine off if the sauce splatters too much; this happened to me).
Meanwhile, make the meatballs: In a large bowl, mix together turkey, bread crumbs, Parmesan, chopped basil, egg, salt and garlic. Roll into 1 1/4-inch balls. (I made about 14 meatballs.)
Pour 1 cup water into sauce in pot, scraping up any browned bits on bottom of pot. Scatter uncooked spaghetti over the sauce. Drizzle remaining 1 tablespoon oil over spaghetti, stirring gently (try to keep the spaghetti on top of the sauce), then top with meatballs.
Cover and cook on high pressure for 5 minutes. Manually release the pressure, then remove the cover and stir to separate the spaghetti. Stir in 2 tablespoons Parmesan. At this point, the pasta will be almost but not quite cooked through. Place the top back on the pressure cooker (loosely) and let it sit for 3 to 13 minutes, until the sauce has thickened and spaghetti is al dente but not mushy.
Sprinkle with thinly sliced basil and more Parmesan (or whatever cheese you like) if desired.