Hi Wings,
As I am considering a IIC device on a GT16 project I took a look at what you discovered here.
I duplicated the test you did using SCM on a GB Demo board and here I found similar results to what you did in that the status went through many intermediate states but settled on A3 earlier than it should have.
Then I decided that SCM is not the best mode to use so I set up the ICG to use the on board 32KHz xtal and step it up to 4.19MHz.
I then used /40 like you to achieve a IIC clock of 104.825KHz.
This come out on the scope at 86us for the 9 bits as expected (85.857us calc)
Now I get nearly exactly the pattern of status that you describe (just with a 1 sample jitter sometimes)
BUT the settle to status A3 occurs after 24/25 cycles which is 10us after the ninth bit, which pretty much makes sense.
Now looking back at your results it seems that your clock may be slower than you think it is. I have no explanation for the strange status states of SRW and RXAK though.
 
80   TCF Before start
80   TCF Start
80   TCF
A0   TCF, Busy
21   Busy, RXAK
25   Busy, SRW???, RXAK
25   Busy, SRW, RXAK
25   Busy, SRW, RXAK
25   Busy, SRW, RXAK
25   Busy, SRW, RXAK
24   Busy, SRW
24   Busy, SRW
20   Busy
20   Busy
21   Busy, RXAK
21   Busy, RXAK
21   Busy, RXAK
25   Busy, SRW, RXAK
25   Busy, SRW, RXAK
24   Busy, SRW
24   Busy, SRW
20   Busy
20   Busy   9th clock done, no ack as no slave
20   Busy
21   Busy, RXAK
A3   TCF, Busy, IICIF, RXAK
A3   etc
Here is my entire test code:
Code:$Include "9S08GB60v1rdp.inc"               org           RomStart*********** Set-up ICG to clock the bus at 4.193 MHz **********************start          CLRA               MOV           #%00000000,ICGC2 ;               MOV           #%00111000,ICGC1 ;lockchk        sta           SRS               BRCLR         LOCK,ICGS1,lockchk  ;loop until FLL locks                 mov           #$07,IICF      ;/40, 10 hold               LDHX          #$100               MOV           IICS,X+        ;WHAT IT IS B4 WE FOOL WITH IT.               MOV           #%10110000,IICC  ;IICEN+MST+TX = START CONDITION.               MOV           #$CC,IICD      ;SEND ADDRESS BYTE.SAVSTAT        LDA           IICS           ;3               STA           0,X             ;2 SAVE STATUS REG.               AIX           #1              ;2 FROM $100 AND UP.               STA           SRS             ;4 (DO THIS THE LONG WAY AND               CPHX          #$800           ;3 CONSUME EXTRA TIME TO REDUCE               BLO           SAVSTAT         ;3 THE NUMBER OF DATA POINTS.)                                             ;= 17CYC * 238nS = 4.05uS/looploop           NOP                           ;BREAKPOINT HERE.               sta           SRS               bra           loop               org           $fffe               dw            start