Hey @steveo, thanks for the reply. At least we're not alone here.
So I haven't really messed around with this Axo since last weekend. It appeared to be working fine for awhile until I left it powered up for an indeterminate amount of time and walked away. When I came back, it looked like it was in a constant reboot cycle. It definitely seems like it has a mind of its own. Sometimes it'll work for awhile, other times it will go into the reboot cycle any time I plug a USB cable into it to power it (either via a computer or one of those USB AC adapters). I've been too frustrated with it to really dig in and troubleshoot since my last post when I thought everything was solved.
I haven't seen the unresponsive dim red LED since last post, but again, I got frustrated with it and haven't spent too much time with it since.
I ordered a 2.1mm 9V AC adapter a few days ago to try and see if it would be stable using something other than USB power. It came today and I've had it powered on for about an hour without issue (just powered running whatever start-up patch I had loaded onto the thing). I briefly attempted to hook it up to my PC to see if it would communicate successfully with the patcher (and it appeared to work fine). In the meantime I plan on just leaving it powered via the new AC adapter for a few hours and see if it goes into the same weird reboot cycle and reevaluate my troubleshooting strategy depending on what happens.