After venturing here and into the dark corners of Usenet for help and receiving the same advice over and over, I returned the unit for replacement.
It was a dud! The new unit installed flawlessly and actually burns and reads disks as advertised. I still was only able to achieve a Multi-Word DMA Mode 2 setup but everything seems to work fine and I can live with that.
Thanks to everyone who took time to reply to my previous post(s). Life is good again.