Not to undermine Jimmy's well-written prose (thank you!), but I have a reached a breaking discovery with my issue.
It just dawned on me that my PF500 only cuts out when I'm running both cabs. Single cab... no issue! My last gig and last 3 months of rehearsals were only with the single cab. Sunday night, I used both cabs for SnGs... and it cut out!
I AB tested to confirm this just now. Single cab... perfect. Both cabs... whenever I slapped a C# on the A string (bass at 1:00, no ultra lo)... *pfffffft* Unplugged the bottom cab... flawless.
Now it gets weirder. I can make the full stack not cut out by turning the bass down to 7:00-8:00. I can slap the crap out of my bass with this setting, no cut-out. When I turn the bass any higher than 9:00 it starts cutting again. Weirder still... with the bass down, I can engage the ultra bass with NO problems?
Note: I tested all of my cables tried running the bottom cab both using the head's 2nd output and daisy-chain. Makes no difference to the above.
So what does this all mean? I think I reached a turning point with this whole thing.
It sorts of shows that it's not 4 ohm stable.

Now I'm really confused. Why rate them at 500 watts @ 4 ohms if they can't reliably deliver the goods. I could possibly see having issues if you're cabs are listed as 4 ohms but in actuality are less, but that safety factor should already be built into the head. Maybe it is and that's why they are cutting out.