I decided it was time to report the results...6.5 weeks later, I have a new motor in my V7 II, courtesy of Moto Guzzi, under warranty. The first week was spent on a diagnosis of the problem. The last week or so was spent on the engine swap. All the other time was spent waiting for the motor to be shipped and clear customs.
The local dealer never told me the real reason for the replacement. I would like to know, but I'm satisfied with the new motor. Hopefully, it will last longer than the first motor since my warranty runs out in about 3 weeks.