A follow up as promised.
I've checked the IP fuse block. Testing shows 12 volts at all fuses. That's to a grounding point I picked off the instrument panel steel frame.
There is a ground on the frame directly below the A pillar. Two bolts. Three wires. Cleaned and reassembled. Another ground on the lower rad support adjacent to the body mount. Cleaned and reassembled. On the advice of one of the senior service techs at the local Chevy dealership, I also added a jumper (via one leg of my booster cables) from the negative battery post to the engine block.
All of the above yielded no change.
From my experiences as an industrial automation electrician, it IS behaving as though part of the ground circuit is incomplete. That the ignition switch initiates the instrument panel (after the battery has been disconnected and reconnected) but does NOT turn off the instrument panel when the key is removed is very telling. What it's telling however, escapes me. It is operating as though there is a back feed of some sort keeping the IP alive.
The dealership will take the vehicle in and at $180+/hour, try and determine what the problem is. I have my doubts that they will be able to come to any conclusion judging by what I've read on problems of this sort and the results the technicians are getting.
At this point, I'm at a loss.
It would have been somewhat more comforting if I hadn't replaced the electrical portion of the ignition switch. I'm not 100% certain that I've reassembled it correctly seeing as there's no real index that ensures the "rack" in the mechanical portion of the switch operates the "gear" in the electrical portion. That said, the electrical problems I'm encountering precede having replaced the ignition switch so it may mean absolutely nothing.
Again, thanks for the input up to this point.
Still debating over what the next move might be.
At $5000 (CDN) a little over two years ago and over 60000 miles racked up since then, it certainly doesn't owe me anything. Then again, it would be nice if it was still functional. It comes in handy.