Thank you everyone for your replies.  Gary from Elecraft was awesome to 
chime in... He had me check a number of things, but I think the core problem 
was the wattmeter needed to be calibrated.

"Disconnect any RS232 connection and PC software control.

Redo the WMTR menu calibration.

When in WMTR LP or WMTR HP, turning the VFO A knob counterclockwise for 
smaller numbers in the LCD will result in more RF output on an external 
wattmeter. Turning the VFO A knob the opposite way will decrease the actual 
RF output.   The change when turning the knob menu is small, so you may need 
to turn the VFO A knob quite a bit to see much change in the actual RF 
output on the external wattmeter. This adjustment should be done with the K3 
set to the 20m band. This calibration is done while you are in the WMTR menu 
and you then press TUNE."

In short, my wattmeter marked stuff as 6W/60W for the 5W/50W test 
respectively.   After adjusting this setting, my ATU tunes 1:1 on all 9 
bands and is pushing 100% of the power as expected!

Thank you everyone (Gary included!)
=Shane - KF7EFG 

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