Thanks for the inputs.
My #3 question was a dumb one, just had to turn the steering wheel a bit.
I'm fairly certain my issue is the shift lock solenoid. Played around with the loose end of the cable and believe it operates as described as in #1. Currently waiting for the replacement shifter assembly.
The tutorial 'DIY Upgraded Ignition Switch/Lock Installation for 996/Boxster' by dmcole was really helpful. I missed some details initially. Only outstanding question is that the pinhole near the key insert should be at the 7 o'clock position. Mine is at 11 o'clock. I don't know how to turn it should I have to exchange the entire assembly.
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