I very much agree with your assessment, point by point.
Overall, I enjoyed the production for the good things in it. I particularly liked Betty's scene with Erich Bergen's character Raymond in which she exposes his ulterior motives and puts an end to his campaign. I thought her character really began to become fully realized at this point.
However, the show is wildly uneven. I think Bob Martin's book does a commendable job of coming up with an interesting storyline, but the ending unfortunately makes no sense. Nevertheless, last night's audience seemed to like it.