As for your broader question above, a theory can be internally consistent, agree with all known observable phenomena, and still be incomplete.
...
It seems to me that if evolution is supposed to be the theory of genetic change over time, then the theory of evolution is incomplete if it cannot explain the origin of biologically meaningful b.p. sequences.
Agreed. I do not think that any honest student of evolution would describe the theory as "complete". For instance, although you object to the separate consideration of abiogenesis versus the evolutionary process, it is hardly a secret that the mechanisms and pathways of abiogenesis are not currently well-understood. While the separation of the two is admittedly inelegant from a theoretical standpoint - everyone wants a theory of "everything", after all - it allows one to do other things like examine and trace the development of the diversity of species we have arrayed before us. Yes, that requires a certain amount of bootstrapping away from the discussion of where and how those first self-replicating organisms came about, but as possible mechanisms for such a thing are investigated further, I have little doubt that more compelling theories will arise.
And already, many theories exist as to how biological structures could have arisen from non-biological sources. As a single example, simple amino acids have been discovered riding on comets, so perhaps abiogenesis got something of a head start from otherworldly sources. If this is a subject that interests you, a good place to start would probably be the talk.origins FAQ on the state of abiogenesis. It is fairly open about the current shortcomings of scientific knowledge about this subject, I think, although I am sure that someone who wishes to dispel evolution will be able to provide you with other counterarguments as well. Ultimately, you are, of course, free to evaluate for yourself where you think the bulk of evidence currently lies.
Your point is valid that we can debate how complex that organism must have been at its' simplest. That would, of course, drive the probability analysis.
Exactly - one of the most obvious responses to this type of statistical analysis. They tend to be predicated on the assumption that the first organisms were akin to what we see today, with membranes and cytoplasm and all sorts of complicated internal structures. But if we can imagine a simple naked molecule that is capable of self-replicating by grabbing bits of material from around it, then that will blow this analysis straight out of the water in short order. Membranes, et cetera, are not necessarily a requirement for self-replication in early biotic systems.
I've reviewed the mathematics the author is using and, formally speaking, his usage is valid. But what isn't clear is his application of it to physical systems.
And that is, as I am sure you are aware by now, the crux of objections to this article. I have no problem with the arithmetic on display. What I object to are some of the assumptions that the arithmetic is based on. So, if you're going to spend a weekend with this puppy anyway, you might consider evaluating it in light of this rather general critique of such statistical approaches.
In any case, the field is still wide open, with lots of room for thoughtful questions from interested amateurs like you and I ;)