Today I tried the FreeLink app with a different PC. Lo and behold, reading and writing the Xact settings worked. Well, it worked most of the time. In about ten attempts with five different Xact servos, the process failed one time. I have no idea what caused the failure. I used the same procedure in all attempts.
I made note of the CP210x driver version and went back to trying on the first PC. Despite a fair effort -- and researching the SiLabs Website -- I was unable to update the CP210x driver on the first PC to the same version as worked on the second PC. That said, in all cases on both machines a virtual com port was created and did seem accessible. In about 30 attempts on the first PC, I succeeded in reading all the data from a servo on two occasions, and part of the data on several other occasions. On one occasion, plugging in the STK caused my USB wireless mouse receiver dongle to go AWOL.
Debugging USB issues in Windows is way above my pay grade. Judging from SiLabs info, I got the impression that there might be a problem with "USB enumeration". I suppose such a problem might explain the intermittent success on both the PC I tried. It's worth mentioning that, even when reading the data failed, a log file was often generated that contained some data -- possibly the device settings?
Bottom line: STK + Xact is funky.
P.S. If anyone at FrSky is interested, I can provide details on the CP210x drivers, log files, and so on.