Still haven't solved it but I do have another data point:
Since Kubuntu is installed as well, I logged in after selecting KDE in
place of Unity. Ubuntu SDK started right up, and found everything it
needed, offering up a few more project types as well.
Logging out and switching back to Unity, the behavior returned to the 5+
minutes to start and no valid kit found (as well dropping back to only
three project types ("Other projects", "Non-QT project" and "Import
project").
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