The size arguments are in pixels. So, to double your example's marker size the fifth argument to the MarkerImage constructor would be:
new google.maps.Size(42,68)
I find it easiest to let the map API figure out the other arguments, unless I need something other than the bottom/center of the image as the anchor. In your case you could do:
var pinIcon = new google.maps.MarkerImage(
"http://chart.apis.google.com/chart?chst=d_map_pin_letter&chld=%E2%80%A2|" + pinColor,
null, /* size is determined at runtime */
null, /* origin is 0,0 */
null, /* anchor is bottom center of the scaled image */
new google.maps.Size(42, 68)
);