Script works perfectly for entire body except for the feet. The vertices that make the skeletal mesh around the toes are only weighted 1 bone: the bone segments of the toes. I got lucky with the hands, because I found if I deleted the bones in specific order, there would be no lone-vertices after bone deletion. Lone-vertices get weighted to the root bone automatically. Only way to fix this is to manually re-attach the vertex to a bone of choice.
So I’m now (hopefully) finishing the script by adding a few loops that copy the skin weights from bones to their parents before deleting them. Tricky part is not deleting bones that have children before copying their weights to the closest bone in the hierarchy that we are not planning to delete.