Many magical manipulations later, I have a running SL system. It's not quite right but almost.
If it runs OK for a few more days, it goes on craigslist. I'll let the buyer install Lion. This sucker's staying a SL machine.
I'd be happier if I understood (a) exactly what happened, and (b) exactly what fixed it, but I can't say I do.
My advice to Mr Zarniwoop -- try resetting the SMC with the internal button, as 666sheep suggested (thanks, 666sheep). I did it several times, and probably one of them caught. At first it didn't seem to be making a difference. It wasn't smooth sailing after that, but it definitely got me beyond the DSMOS barrier.
Later . . . I fixed the monster keyboard/mouse lag by realizing the no FW drive I attached would work, which led me to something on the Apple Support site, which suggested removing all FW-related kexts from system/library/extensions. I did so and now the thing boots with lightning speed. The FW hardware must be hosed in some way.