Version 4.7 -- tried it with two 4.7 test sites, same result, so I think it's not related to my having worked so much with one of these two test sites.
Text gets truncated, and the Read More link shows...also checking off this box makes the max/min text characters box go away...
Clicking the blog entry title -- I can make the title unclickable by changing the ascx file -- of course opens a blank page...as does clicking 'Read More.'
If it can be gotten to work, then it would be installed to a 4.8.1 localhost for eventual go-live.
Thank you, Tom