Cal,
I think you're close but after talking to the guy from Rowe Electronics a few minutes ago, I think there are subtle differences.
He said he could see no reason why the PDM60 would not function for what I want it to do.
Essentially, there are 9 wires in the PDM60. One goes to battery positive, one goes to battery negative and one is a trigger wire. That wire needs to be connected to any wire that is receiving switched power. The unit only goes active once it receives a signal on the trigger wire.
There are 6 individual, customizable circuits on the other 6 wires. Each one of those essentially takes the place of the fuse block as cal said. Using the dashboard software, you can turn off unused circuits and only turn them on at a later time if you decide to wire something up to that.
In the event of a circuit fault, the LED light on that circuit glows red as long as the fault is occurring and that circuit is shut down. If the fault was only momentary, the circuit is still shut down but the light glows amber to signal that an event occurred on that circuit. (In essence, this was your 'blown fuse' alternative). To reset the circuit, just turn the bike off and back on and it goes back to green and active, assuming the fault isn't there any more.
What it does not give you that the m-unit does is the ability to automatically turn off the turn signals or send non-continuous power (as cal also said). The PDM60 does have the ability to program each circuit such that it will remain active for up to 3 minutes after the unit is shut down. Which triggered the thought with me that, "I'll just wire up my turn signals on their own circuit and set them to shut down 10 or 15 seconds after they go active." But that won't work with the PDM60...because that timer for turning off the circuit occurs after the PDM is shut down, not on an indidividual timer for that circuit.
It would also mean that you will still need your starter solenoid, just as the m-unit also requires. But the PDM60 also means that you will need a winker relay; whereas, the m-unit provides that capability for you since it can send non-continuous power.
But, to make the long story come to an end, the PDM 60 looks like I could indeed wire up a simplified wiring harness and use it to replace the fuse block. But it won't provide me with all of the functionality the m-unit provides.