Finally had a chance to format the drive, do a clean install of Monterey, then OCLP install Sequoia 15.5.
Overall impressions are that once the system is running everything is relatively smooth. General system responsiveness feels pretty quick (definitely slower than a MacBook Air M1 8gb, but very reasonable). I do agree that boot time seems a little longer than Monterey. Perhaps an extra 30 seconds if I had to guess. I do wish I had timed Monterey startup before upgrading.
I went ahead and installed Steam, then installed Civilization 5 and Kerbal Space Program to test out how well things run. Overall, KSP is very playable, as is early Civ 5 (haven't had enough time to get to mid or late game yet). In both cases, I'd check in on Activity Monitor and CPU still had a little headroom and memory pressure stayed in the green the entire time. Fan was definitely going at a high speed.
Also installed CocnutBattery, and it's reporting battery at 88% of it's original health, and confirms that this particular serial number was built in October of 2016, as well as the separate production date of it's battery in September of 2016.
Unfortunately, the power supply it came with is an aftermarket knock-off version. I'll be trying to order a new 45w original Apple version if I can find one. Temporarily borrowing my Early 2013 15" MBP's power supply. Also found a seller of tested-good Apple OEM 512gb SSD drives from part-out machines on eBay for $40, so one of those are already on the way. Drives are all the PCIe variant from 2013 to 2015 era MBP and MBA, but don't get the option to chose a specific part number. I'm looking into the bi-directional ThunderBolt 2 (mini-display port) to 3 (USB-C) adapter that Apple still sells for $50. I'm going to pick one of those up tomorrow. Will be interesting to see if that allows the computer to utilize basic USB devices like USB-C portable SSD/thumb drives.
Conveniently, I'd bought a new InCase sleeve for an 11" MBA almost 5 years ago from Amazon with hopes of eventually finding a clean version like this. Likewise, I had bought an Insignia (BestBuy) branded mini-display port to HDMI adapter for plugging into an external monitor. Those can finally be put to use now.
In general, I really like the size of this machine. It's definitely my "slowest" modern machine and doesn't come close to my Apple Silicon MBA or MBP performance-wise. But still a cool little device to have and thanks to OCLP is up-to-date on the latest OS with all security patches in place.
I'm going to hold off on installing a Windows or Linux partition until the larger SSD gets here as 256 would be a bit limiting on size.