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It certainly seems like you've put much more effort into challenging any lazy assumptions (like a single page will inherently convert better) and I think your logic is sound. From what you describe it sounds like the listing UX is well-segmented according to the distinct types of search intent you know that you field from your visitors, and I'd be wary of trying to "fix" that if the navigability ain't broke. Especially if the single-page amalgamation puts any of your strong search intent content in a non-intuitive spot or, god-forbid, below the fold.

Surprised I wasn't able to find an existing answer given that SinglePlatform apparently serves 500,000 SMBs with menus that appear on over 150 publisher websites.

Given Panda's razor-sharp intolerance for duplicate content, am I safe to assume that any claim of SinglePlatform's menu on a local restaurant being beneficial to your SEO is now spurious?  If so, what's best way to handle this as a potential SEO liability while still having one of their nicely formatted restaurant menus on your site?

For reference: http://www.openforum.com/articles/using-singleplatform-to-build-a-digital-presence

Update May 7, 2012

Connected directly with the folks at SinglePlatform, and the answer here is a lot simpler than my over-thinking of it.  The menu usually sits within an iFrame or widget so that's that.  But the ability to truthfully show an up-to-date menu for any given establishment is a legit way to address the healthy amount of local search intent  that seems to be directed at exactly that.

Overall a pretty slick platform, looking forward to seeing how they grow into the SMB, local & mobile in the coming months, I think the space is ripe to benefit from products/services that take advantage of these sorts of economies of scale.