I know exactly what will happen if I cut the branch off. I know the likelihood that it will be a different result is less than Rich Strike's odds if I DON'T take it off, but I figure the penalty for keeping the branch is pretty minimal for the however-unlikely payoff.
@Mellow Mullet, I'm not sure what prompted your comment about not trying to be pessimist. I appreciate your input as I think it ultimately led me to the issue.
@Deep Sea Diver Thanks for your input and followups. Hope your recovery goes well.
@penumbra I'll keep the peroxide idea in mind. I may alternate among a few treatments.
I mixed up a batch of Phyton27 since it was closer at hand than the Zerotol I'd mentioned yesterday and proceeded to drench this azalea. I also moved it to a shady but fairly open location to spend the next few weeks. All the foliage that remains is coming off a single branch off the trunk and its as healthy as I'd expect any satsuki growth to be right now. Here's hoping I've stemmed the tide (what does that mean exactly) and that I'll get some lucky growth to develop this into something eventually.