Most of the online accounts of this type seemed to get a deep etch at about the half hour mark. I had periodically switched off the power supply to pull out the workpiece and check progress, also to help agitate and clear away bubbles. But after 30 minutes it didn't look like much had been removed, if any. The cathode plate had been bubbling vigorously, but the workpiece's etched lines were generating gas at a more sedate rate.
I decided to go longer. I had the charger cranked up to its highest setting. Though without a meter, I didn't really know how much current I was pushing. Or the voltage. I just assumed everything was working because of the bubbles.
After an hour, I thought I could see definite etching, so I decided to call it done before some of the delicate spaces inside the small letters got undercut.
The result after cleaning off with lacquer thinner? Barely etched -- some areas not legible. Afterwards I did check the voltage after reconnecting everything, and it was 1.25 volts, far below what most recommend (ranging from 3.5 to 12 V). I probably should have used my 12V car battery charger. Oh well.

So, determined not to spend another five hours babysitting a CNC router, I decided that raster (pixel) graphics were probably not the best way to go, and I'd look into converting my image into vector graphics and ultimately a g-code file.
Well 5 (coincidentally) hours of research later I had converted the image to an SVG file via Inkscape, then downloaded and installed a gcode generating extension for the same program, then found a detailed set of instructions how to make the file conversion suitable for a laser cutter (modifying the plasma cutter tool setup) and finally finished the job! Not. The generated G-code would never have worked, I could see quite plainly in the tool paths. The problem was the tiny size of the letters. I'm sure it would have worked on bigger graphic images.
So finally, I'm back to square one. I think the best way to get this etched for this particular image is likely to be through the laser printer paper transfer method, not the cnc laser engraver route.
I will need to get a denser print with maybe Dell (or Xerox) toner on proper transfer paper and that means sending away for stuff. Unless of course anyone else has a workable alternative suggestion...