And the answer is....the fuses, I think. Which brings up more questions. I checked the battery, 12+V before & after throwing the switch, OK. I checked the ignition switch, everything's still connected, OK. I pulled each fuse (regular auto fuses, too long) one-by-one and got continuity, OK. Hold it, the 15A had continuity, but was rusty on one end. Then I noticed that the fuses seemed to be in the wrong order.
Question: I thought it was; from left to right, 5A Taillight (Left), 15A Main (Middle), 7A Headlight (Right)?
At least that's what my wiring schematic seems to imply. The fuse box cover was gone before I bought the bike, and there's no markings on the fuse block. Mine had it 5, 7, 15; so I swapped the 7 & 15. Suddenly, I noticed it was back alive. I poped on my helmet & gloves and was about to take it for a run around the block when 'poof' dead again. The 7 was blown, so I figured I screwed up. I replaced each fuse with a new one, and in the original order 5, 7 & 15. Vrooom, back in action.
I swung by the Auto parts store and got the proper 1" long fuses. I had on the To-Do list to clean the terminals and replace the fuses (I knew they were too long), but I couldn't get the side cover off when it was cold. Big mistake, going to do this tonight. But what is the proper order? I'm going to try to decipher by looking at the wire colors, if I can see them all.
Update: there are markings on the block, previously obscured by some gook. All cleaned up, new fuses, right locations, back up and running. Thanks all.