Arrrgggghh! I feel like I'm so close now. I successfully used mundofer's tip for installing Workbench, but the first step running it is to set everything up using Line 6 Monkey, and that, I'm afraid, does nothing but bounce in the dock for a minute, then stop and sit there. No windows. No setup. No options. WTH? Anyone have Monkey running properly in Yosemite?
***EDIT: OK now I've got Monkey running, (I had to remove the AVID Core Audio plugin, if anyone's interested) and everything's up-to-date. Monkey sees the Line 6 USB interface, but Workbench won't see it or the V300. Frustration level is Expert. ***EDIT2: I just noticed that the USB interface is flashing red on the guitar side no matter how much I change batteries and wiggle the cables. I guess sometimes chasing an old technology is just a waste of time and money.