Another update, just in case anyone thought this would be a really quick process:
Now, 7 hours later, Spotlight still indexing backup directory on Time Capsule, a little over 40 percent complete now. Time estimate still wonky; in the last 15 minutes time estimate has gone from 70+ hours down to 15 hours. I suspect as more files are indexed Spotlight discovers ever more hard links to files/directories already indexed which need not be re-indexed (a non-techie's speculation).
A few minutes later now, and estimate is back to around 30 hours. Go figure.
But it will eventually finish.
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