The bike's owner and I finally got the time to dive in and investigate today. Two findings:
1. The VVC solenoid on top of the cylinder head doesn't seem to be working. Applying 12V current gives sparks at the terminals, but there is no 'click' from the solenoid at all.
2. The previous guy to service the bike (A) used the wrong spark plugs, and (B) over-tightened them. I pulled out four CR8E plugs, and had to make a special plan when the plug on cylinder 4 snapped between the threaded portion and the crush gasket.
It's Sunday, so can't really do anything about it now. Tomorrow, I'll be installing CR9EIX plugs (these are the fine-wire iridium-electrode 'premium' version of both CR9E and CR9EK).
Does anyone know if it's possible to open up the VVC solenoid for repair?