This is easier than you think, because you're given the constant horizontal velocity $V_{0x}$, and as you say this allows you to calculate the time of flight $t$. So all you have to do is calculate the time for a particle with initial velocity $V_{0y}$ to either rise to a height $P_y$ in a time $t$, or more likely rise to a maximum then fall to a height $P_y$. Depending on the initial conditions both trajectories are possible.
The height of the ascending particle is simply given by one of the SUVAT equations:
$$ s = ut + \frac{1}{2}at^2 $$
where the initial velocity $u$ is $V_{0y}$, the acceleration $a$ is -9.81m/sec$^2$ (note the minus sign) and $s$ is $P_y$. I don't think I can say any more without spiling your fun :-).
Response to comment:
The site has very strict rules against doing people's homework problems for them but since you're 26 and an active Stack Overflow member I'm guessing this isn't homework and is related to some computing problem, so I'll go ahead. If the moderators object we may both end up in trouble :-)
We're given $P_x$ and $V_{0x}$ so the time of flight is just:
$$ t = \frac{P_x}{V_{0x}} $$
Using the SUVAT equation I gave for $s$ above, and noting that $u$ is $V_{0y}$ and $s$ is $P_y$ we get, and substituting for $t$ we get:
$$ P_y = V_{0y} \frac{P_x}{V_{0x}} - \frac{g}{2} \frac{P_x^2}{V_{0x}^2} $$
where I've used $g$ for the acceleration due to gravity (9.81m/sec$^2$). What we want is an equation for $V_{0y}$ and to get this we rearrange the formula to give:
$$ V_{0y} = \frac{V_{0x} P_y}{P_x} + \frac{g}{2} \frac{P_x}{V_{0x}} $$