Update:
So after running through all of the tests and determining that my coil was working, my wiring was right, and the ignition itself was getting the power/ground it needed to operate properly, I contacted MikesXS.
After I explained everything to them that I explained here and also gave them the results of all of the tests I did, they asked for a picture of the ignition plate with the rotor removed. I sent them the picture and they immediately got back to me and stated that they are shipping out a new plate for me today and that they believe there is an issue with one of the components on the plate. Being curious, I asked what they think the issue might be and they stated that they believe there is an issue with the temperature capacity of a transistor on the plate. I'm assuming they've had a few others contact them with the same type of scenerio I had and they've narrowed it down to this issue on some of the ignition units. So they're replacing my ignition plate with a new one that has the upgraded component(s).
I have to say, I know some people have had unpleasant dealings with Mike's in the past and it gets voiced on here once in a while, but since I've been buying parts from them I honestly have nothing but good things to say. They've always been helpful if I have questions. They've stood by their products with me. And they're always prompt to respond to emails which is something I judge a company on. I think it's just as important to us a community to share with each other the good experiences we are having currently with our parts suppliers as it is the bad experiences so that we make the right decisions in the current market when buying our parts.
Anyhow, thanks for all the help again guys. I'll report back when I get the new ignition plate, install it, and try to get the bike running again. Hopefully this new plate ends up being the answer.