Monday morning update: The beads are fermenting, but man-oh-man are they slow! The comparison here with the control fermentation is interesting.
The beads started fermenting very quickly. I pitched them on Friday night right before I went to bed, and they were already moving by the time I got up six hours later. It seems they've been chugging along at this rate -- but never any faster -- ever since. They've brought the wort down from 1.042 to 1.024 now after about 60 hours. Not terrible, certainly, but slower than I'd expected considering the pitching rate.
The control fermentation, on the other hand, showed no activity at all for roughly 24 hours but then managed to burn through all of the available fermentables by the time I got home from work yesterday (about 48 hours after pitching). This is consistent with what I'd expect for a healthy pitch of s04 in a low-gravity wort at 67º.
The relatively slower ferment of the beads isn't a problem per se, but it does make me curious. It should be fixable. To my mind, there are two possible bottlenecks here:
1) Wort contact - the beads are submerged but floating near the top. I don't suspect that sinking them in a tea strainer or the like would actually improve contact significantly, but mechanical agitation might. Giant stir plate?
2) Bead permeability - I'm going to mix up a few other test batches, perhaps with different ratios of alginate to yeast. I'm just guessing with so much of this, so I can't say for sure what will or won't make a difference.
Anyway, it's all moving along nicely! The bead beer is fermenting slower, but it's still quite clear so I suspect it will be ready more or less as soon as the yeast finishes fermentation.