Thanks, Evan, I'm getting closer.
I did in fact verify that I have +12v (or so) into the mic element when PTT is held. I thought that bias was there all the time, but your explanation covers that. (I'm making these tests into a 50-ohm load so I shouldn't be hurting anything on the PA side, BTW).?
Confirmed continuity from R60 to the mic element (the ground side, hopefully that's what it's supposed to be).
Knowing that I do have voltage to the mic, should I still run the tests you suggested? Regarding the test with the audio connector disconnected--where would I measure? On the connector itself on the main board, or on the mic element? (Or to the PTT line?)
There is one other possibility here that's worth mentioning, which is that maybe my test itself was faulty. I don't think this is it, but I'll throw it out there. I tested by transmitting on the ubitx while listening on my TS-590s with no antenna connected to the Kenwood (the antenna was connected to the ubitx instead). With the TX antenna so close, though, I thought it could be possible that the Kenwood is de-sensing even with no antenna connected. I tried turning the RF gain on the Kenwood way down, but that didn't change things at all. S meter registered a carrier but no audio came through. Since I tested transmitting ubitx CW the same way and the Kenwood didn't de-sense on that test, I don't think that's the issue here. But figured I'd mention it.
-Tim