Well another update.
Boat ran fine for about 30 minutes after replacing that ignition sensor. Then it crapped out again, same exact symptoms. While idling back to the dock, I happened to notice the battery voltage gauge flickering almost in synchrony with the rpm gauge. Still thought it was a bad sensor install or something. Dove a bit deeper, and found the true culprit. Many hours on the boat after some splicing/soldering, tape, sleeve, rerouting, and a zip tie. And she runs like a top.
Best guess is that purple wire got shuffled out of the way for a bit while installing/testing different parts, giving me a false sense of a fix, but it eventually fell back onto the manifold.