FINALLY figured it out. I was on the right track, just didn't follow my gut in time. The reluctor ring wasn't loose. My flexing finger was making me think so. Pulled flexplate cover. Convertor bolts are still tight. Replaced crank sensor. Same problem. Replaced cam sensor. Same problem. Still hunting for idle and sluggish. Couldn't talk myself into pulling the timing cover and check timing because a reputable machine shop assembled the long block, so I started researching other things. The mysterious rattle that I had heard a few times when starting the engine actually went away. However, the engine would not start any more. I could get it to run if I held the throttle. Checked fuel pressure. All good. After thinking on it for a few days, I finally broke down and pulled the timing cover. Everything looked good, but I couldn't see the crank sprocket to verify that the mark was at 0600 while the cam sprocket was at 1200. So I looked at several pictures of the proper alignment and noticed that when properly timed, the crank key-way is in the 2 0'clock position. Hmmmm. Mine seems to be closer to 2 thirty and favoring 3 o'clock. My gut is really telling me that the timing is off now. But, I put the cover back on and slept on it...sort of.
Next, I ran a compression test. 180-210 across the board except for #3 which was zero. Fearing a dropped valve seat, I stuck a scope camera in there and couldn't see anything. Top of piston looked good. Pulled the head and found a bent exhaust valve holding open. The pistons have a very slight valve relief for the exhaust valve and the #3 piston now has a very slightly larger relief than the others. Now that the head is off, I can put #1 to absolute TDC and see that the cam sprocket is a tooth off.
So, I reckon this is what happened. The timing was off from the get-go OR it jumped at initial startup. The rattling I heard was the #3 exhaust valve and its piston not adhering to the proper social distancing protocol. The rattling stopped because the valve finally stuck about a quarter way open. That's when it lost compression and the engine wouldn't run any longer.
Here's my concern now. I noticed that the timing chain tensioner moves back and forth at times even when rotating the crank in the normal way of rotation. I don't think it's enough to allow enough room for it to "jump", but I'm not familiar with this setup. I would rather have the old school shorter chain and solid guides. So, unless someone changes my mind, I'll get the valve replaced and get it timed properly and see what happens.
Anyway, any words of wisdom and/or sarcasm are welcome. Wisdom for obvious reasons. Sarcasm helps cheer me up.