Mr Papa said
have you visited the admin since the update? to make sure the upgrade ran…
Yes, it’s the first thing I did before visiting the forums.
in your database, do you have tables sfpmthreads, sfpmmessages and sfpmrecipients?
Yes, however, the messages and recipients rows appear to have been cleared out. There are 1,000+ rows for pmthreads but only 4 messages and 3 recipients, 2 of which are messages I just sent to test the system.
Any suggestions? Should I clear out the legacy pmthreads rows, or will they eventually be deleted based on my “delete old messages” setting in the SP admin? Or, if I can get a dump of these tables from a db backup, what kind of nightmare am I creating for myself by importing the lost pmmessages and pmrecipients? 
was there anything in the error log before you tried to roll back
I didn’t check at the time, but see nothing during that time frame in the
server error logs. The SP error log includes many Notices, but the only thing referencing the PM system is:
file: /simple-press/sp-api/sp-api-plugins.php
line: 501
function: filemtime
Warning | filemtime() [function.filemtime]: stat failed for wp-content/sp-resources/forum-themes/default-custom4/styles/sp-pm.css
a bit disturbing since we havent lost any data on the upgrade to date…
Disturbing indeed.