Latest update on this curious problem - the 258 continued to drag, so I adjusted the timing to the closest setting I could. It worked great, almost all the time. But not always, so I pulled it in the shop one more time to look and hear for some other issue (like a stuck valve, or something). This time, I didn't have the shop lights on when I opened the hood. There, on number 5 cylinder, was a spark from the cable to the block. What? Upon closer examination, when I replaced the plugs, I must not have slid the protective sleeve all the way down to the insulation on the plug. It was arcing from the metal wire end to the block. I slid the sleeve down all the way and the spark disappeared.
The underhood sticker says to time at 9 degrees +- 4 at 1600 +- 25 rpm. I'm guessing that still applies, even after the ECM Test. The trick was getting it to 1600 since I don't have a handheld tach. I picked up an optical digital tach from the tool store, and it works just fine, tho.
I'm going to drive it some more and check it out, but I'm thinking that since 5 wasn't always firing, it had increased pressure at startup, resulting in the drag. What do you think?
Sidebar - why would the wire arc to the block? I've got an old tractor with no protective sleeve on the plug at all, runs great.