Man! There's a lot going on there... This is probably going to read as pedantic and condescending, it isn't meant to be... I want to be fairly precise as using electrical terms incorrectly causes a huge amount of confusion, and not a small amount of fire.
1. Positive battery lead connects to the solenoid and little fuse block.
Exactly correct. The negative pole has to connect securely to the engine case and the frame as well though!
2. power travels up to the ignition switch via the solid red wire
Well, no... power is voltage and current combined. There's no power until a load draws it. But the wiring description is right.
3. power goes through the ignition switch with the key turned on and back down via the black wire.
The battery "+" voltage is switched to the black wire with the key "ON".
4. into and through the rectifier to the brush block via the black wire
Major confusion! The rectifier does not connect to the rotor! The rectifier only connects to the stator coils, battery positive, and battery negative via ground.
The rotor has two brushes. Put voltage across them and, assuming the rotor is good and the brushes are connecting nicely to the rotor slip-rings, a magnetic field is produced from the power dissipated in the stator coil (power=volts x amps... actually the magnetic field is made only by the amps but in this situation to get the amps you need the volts).
The black wire is just switched battery "+" voltage - there is no direct black wire connection to the rectifier.
Assuming you mean regulator/rectifier, the black does connect to the regulator: it provides the battery voltage reference. (And, to add more confusion, may indirectly provide controlled rotor power to the rotor through the regulator... but not in the wiring scheme you describe).
5. through the rotor and back up to the rectifier via the white wire
Well. I don't have a wiring diagram - the stator coil can be powered either of two ways:
The rotor gets +12 battery voltage from a black wire, and the regulator (NOT the rectifier!) varies the voltage on the white wire between +12V (no power at all from the alternator) and ground (maximum alternator output) depending on the system/battery voltage: lots of power when the voltage is low, less as it approaches battery float voltage, and none if it gets above float voltage.
The other way, used (I think?) on all the Honda fours up to the DOHC era (not counting the GL, different system altogether) grounds one field coil wire and the regulator controls the other wire between ground (no output) and +12V (max output).
People do use the DOHC regulators on SOHC engines by a simple bit of rewiring, and your bike may have come that way... no wiring diagram here, remember? But regardless, the regulator controls the rotor current on either the power or ground connection.
We get back to your 0.5 Ohm rotor... was that a mistaken measurement? What's your new one?
Measuring voltage is all well and good but it's the amps that matter to the rotor's field coil. Any failed connection on the ground side and you will get battery voltage on both wires. "When I put the cover on, I can watch the voltage jump from 1.0v to battery voltage"... that is either the regulator doing its job or a bad ground connection. I suggest you measure the current through the rotor. If you have no amp meter (it should handle 10ADC), wire a tail light bulb between one of the rotor wires and the wire it should connect to. If the wiring is good with a good regulator the lamp should light pretty bright when the key is turned on.
I don't know if this helps. Electricity isn't magic, current only flows through conductors (or lamps, motors, heaters, rotors) when there's a voltage across their ends. (please nobody get nerdy and bring up magnetic induced current)
Make sure you have a solid ground connection from battery "-". The "eyelet" is, I think, a harness ground point on a small green wire.That's important too, but the battery ground cable is the only current path from the battery to anything electrical.
PS:
I put the GL exclusion in there because without it some stooge would pipe up "The GL is a SOHC4 too, and has a shunt regulator!!" but I disagree, they have TWO CAMS (one on each side) so I say they are DOHC4s (even though a single cam operates both intake and exhaust valves).