The latest: Pipe spacer is intact between the bearings. Bearings seem to be intact and functioning properly (haven't taken them out of the hub to inspect as I don't have new seals to put back in once I get done with the inspection of the bearings).
Left spacer is steel as I would suspect is common. Right spacer is ALUMINUM--must be wrong for a bike of this vintage. Next step is to order a new spacer from Kawasaki.
I'd consider this case closed for the time being. Thanks again to all for your input.
