It was the PSU. Had a friend bring over his identical (sans newer) CX750M, plugged it in (using the same modular cables, obviously the mobo and CPU header were different) and it worked perfectly, absolutely no throttling issues. Pushed it for over two hours and we saw absolutely zero instances of the issue pictured, as opposed to it happening every 15 minutes or so.
I have ordered one of these. It will be here in two days. The moral of the story is that YES, power supplies can fail in such a way as to bottleneck the GPU and YES, it can be easily diagnosed by swapping power supplies.