I created a template variable, and then modified the call to pull in the contents of the template variable.
[[sekfancybox?
&linktext=`Link to FancyBox`
&text=`[[*fancyboxcontent]]`
&title=`TITLE WORKS`
]]
Some success achieved: The generated source code does indeed have the silly message that I entered into the template variable field for the resource.
<a class="fancybox" href="#"" title="TITLE WORKS">Link to FancyBox</a><div style="display: none;"><div id="" style="width:400px;"><p>I certainly hope this shows up in the fancy box</p></div></div>
Bad news is: The popup window still says: The requested content cannot be loaded. Please try again later.
Firefox error console indicates: WARNING: Empty string passed to getElementById()
If anyone has a solution, please do tell.