Ok no problem. Let me know..
After connecting a more tightly regulated 5V supply connected to the barrel jack of the MightHat the behavior of the board changes noticeably. The wall wart I'm using measures 5.06V open circuit / 5.03V when connected to the MightyHat with the RPi3 turned off / 4.89V with the RPi3 on. The open circuit voltage of the charging circuitry with the RPi3 off is only 4.13V. It drops even lower and bounces around with the RPi3 turned on. It settles around 4.03-4.04V.
What is the Red Charging LED actually supposed to do? With no battery connected it's now off (with the RPi3 off) instead of flickering like it did before. However, once I turn the RPi3 on, the charge LED turns back on (with no battery connected).
I will charge a Li-Ion cell and report the results back later.