Well, the new motherboard is in and guess what? It works! So, I did "not waste my time", thankfully.
Running Prime95 with 8 threads now shows a steady 3.2ghz...exactly as it should. Taking it down to 1 thread bumps it up to just over 3.5ghz with a multiplier bouncing around 26.3 or so. Not quite the full 3.6ghz with the max 27 multiplier, but that's fine. Just that it works and the Turbo Mode I paid for is actually engaging. This was verified with RealtempGT and Intel's Turbo Boost monitoring utility.
So, now I get to re-tidy up my case install and the old motherboard goes back tomorrow!
Since I went ahead and bought another motherboard, I wonder how much bitching and fussing it's going to take with Intel since I didn't want to wait God knows how many weeks for them to repair/replace the original.