IT WORKS! I did a massive clean-wipe and started over. My Watch has finally showed up as a source for data and it collected it in conjunction with the iPhone and the clock.
IMPORTANT: Sleep data does not refresh/update like other Health measurements (steps, etc.). It will only show the data once the Sleep Schedule for that night has completed (when the alarm goes off). So if you woke up in the middle of the night to look at data in Health > Sleep, you won't see any until the alarm goes off. Neither the iPhone or the Watch will show up as a source until the Sleep Schedule kicks in and the data is gathered. I was constantly checking in Health > Sleep > scroll to bottom and "Data Sources & Access."
The other problem I encountered had to do with when you rename the Watch to something other than "FIRSTNAME’s Apple Watch." There’s apparently an issue with this and it messed with the profiles/links to devices and data. At one point I noticed that my Watch was no longer paired with my iPhone, even though, data for other measurements were still coming through. Whether or not this is part of my original problem, I’m not sure. But on my latest re-pairing, I didn't even bother with renaming it. May go back to it some day but not a big deal.
Add to this the problems people had with Apple iCloud sign-in/verifications and device activations for Watches, and the joys of Christmas are burned to the ground. (Apparently this last issue has been resolved around 12/27?)
If anyone is interested in how I got back to a clean pairing and set-up, let me know in response to this. I'll post instructions which will include the ones Apple provides along with how I made sure I started with a completely clean slate.