Hi Tim,
I hope I can help you.. I had this exact problem happen to one of the track bikes I re-built.. it was an 08 ZX10R but still pretty much the same electronics.
It sounds very much like a major electrical fail... But this doesn't have to mean a HUGE problem at this stage. You did mention that you had a PC-3..? Well the earth lead for the PC-3 will meet with all the other earth wires under the tank and is bolted to the frame there... you cant miss it. Now there are so many leads going to this 1 small bolt, plus the PC-3 lead. This little bolt has been known to work it's way loose and at times can fall out..
With my problem, the bike would start and idle ok, but once you started pushing it a bit, it would cut out, dash would go off, burp and fart..!! Come on again.. so when I pulled it all apart, I found this little bolt almost out completely, and all the wires where just barely touching each other.. so check this first for an easy possible fix... and also check the battery terminals, as a loose connection there will amount to the same feelings... It really needs a longer bolt..
Hope this helps.. first step in your diagnosis anyway.. Good luck and please let us know how you go..
Macca
