We report extensive new photometry and spectroscopy of the highly variable young stellar object PTF 10nvg (also known as IRAS 20496+4354 and V2492 Cyg), including optical and near-infrared time-series data as well as mid-infrared and millimeter data. Following the previously reported 2010 rise to R $_PTF$ lsim13.ͫ5 and subsequent fade, during 2011 and 2012 the source underwent additional episodes of brightening, followed by several magnitude dimming events including prolonged faint states at R $_PTF$ >åisebox-0.5ex 20$^m$. The observed high-amplitude variations are largely consistent with extinction changes (ΔA$_V$ up to 30 mag) having a i̊sebox-0.5ex 220 day quasi-periodic signal. However, photometry measured when the source was near maximum brightness in mid-2010 as well as in late-2012 does not phase well to this period. Spectral evolution includes not only changes in the spectral slope but also correlated variation in the prominence of TiO/VO/CO bands and atomic line emission, as well as anti-correlated variation in forbidden line emission which, along with H$_2$, dominates optical and infrared spectra at faint epochs. Notably, night-to- night variations in several forbidden doublet strengths and ratios are observed. High-dispersion spectra were obtained in a variety of photometric states and reveal time-variable line profiles. Neutral and singly ionized atomic species are likely formed in an accretion flow and/or impact while the origin of zero-velocity atomic Li I łambda6707 in emission is unknown. Forbidden lines, including several rare species, exhibit blueshifted emission profiles and likely arise from an outflow/jet. Several of these lines are also seen spatially offset from the continuum source position, presumably in a shocked region of an extended jet. Blueshifted absorption components of the Na I D doublet, K I łambdałambda7665, 7669 doublet, and the O I 7774 triplet, as well as blueshifted absorption components seen against the broad Hα and Ca II triplet emission lines, similarly are formed in the outflow. CARMA maps resolve on larger scales a spatially extended outflow in millimeter-wavelength CO. We attribute the recently observed photometric and spectroscopic behavior to rotating circumstellar disk material located at separation a ≈ 0.7(M $_*$/M $_☉$)$^1/3$ AU from the continuum source, causing the semi-periodic dimming. Occultation of the central star as well as the bright inner disk and the accretion/outflow zones renders shocked gas in the inner part of the jet amenable to observation at the faint epochs. We discuss PTF 10nvg as a source exhibiting both accretion-driven (perhaps analogous to V1647 Ori) and extinction-driven (perhaps analogous to UX Ori or GM Cep) high-amplitude variability phenomena.