SOLVED! Thanks Peterdenb.
After my 3 day nightmare, I finally have my Mac. And it was the creating the new user that did the trick....BUT there are 2 other VERY important things you need to know to make this go smoothly. I had seen these in the developer forums, and they made the difference here. Just creating the new user alone wasn't good enough without the other two, mainly being plugged in.
1) Make sure you are plugged into power with the power brick and cord that came with the Mac. I originally had it plugged into my BenQ monitor (which also provides power) and it was not the same as using the brick that came with it. Power is the key to making all this setup initially happen. It just won't happen on battery alone. At least not fast, anyway when you have gigs and gigs in iCloud Drive.
2) Create the new user and log in to the same Apple Id. And enable Icloud Drive, etc. Once all is setup, delete the original user.
3) Photos Come First: For some reason, Apple prioritizes the downloading and "stylizing" of your entire photo library before it does anything else. I saw this on the dev board and it is 100% true. And your machine HAS to be plugged in while this is happening, or this whole process stalls--which may have been my whole problem, but I'm not going to go back and check again. I let this do its thing overnight... I have a huge photo library and it took that long.
After the photos were done, it's like I woke up to my current laptop. Everything was there. Every recent, every setting, everything. All I have to do is reinstall the apps. And like Peter said, it's fast--very fast--and much snappier than when I was originally wrestling with it.
I'm sure most people don' have huge amounts of files in iCloud Drive like I do. But I also wonder how many give up and send the machine back because they don't know to or can't find the tips and tricks we worked on together here?
Thanks everybody for your help! It was priceless. M1 Here I come! 😄