SOLUTION
I’ve just upgraded two 1.2.2 blogs to 2.0.5, and there is no necessity (apparently anymore) to do the intermediate upgrades.
First, I tried doing the 1.2.2 => 1.5 => 2.0 => 2.0.5 upgrade on the first blog; it worked fine for a while, and then the DB started having issues and pretty quickly had to be replaced. Finally, I just went from 1.2.2 directly to 2.0.5, and it went fine (approximately 3-10 seconds to upgrade, given that you’ve already backed up your database and replaced the WP files as per the usual instructions). Then I noticed — hey, who reads?! — this on the 2.0.5 /wp-admin/upgrade.php page:
This file upgrades you from any previous version of WordPress to the latest.
So, there you have it. I’ve done this twice now, and it’s just fine.
As to 2.0.5, it’s a dream, especially with being able to block open and insecure proxies (stops all kinds of nonsense spam) AND Akismet. Thank you, thank you, thank you.