Alright, more progress...
I extended the Diag Hi value of the sensor from 4.9 V to 32 V just so I could get a raw reading of what was happening past 480 deg C. It appears the Diag Hi value was the cause of the problem... which now begs the question - what does the OKM actually output to the M800, and what are the correct Diag Lo/Hi values? I assumed a standard 0-5 V reading but it doesn't look like this is the case.
I ran the sensor up to 1000 deg C with a handheld propane torch and the voltage was approximately 10.3 V. 250 deg C was approximately 2.5 V. In fact, as I watched it creep down, the temperature is almost a direct 100x multiplier on the voltage. This would explain why the 4.9 V Diag Hi went into error at around 480 deg C.
Since the actual temperature values are reasonable both on the car and for when the Inconel sheath started to glow cherry red, the "#65 Temp(C): OEM K Type Amp" calibration seems to be correct.