add_settings_field (exclude categories->reading) wp_category_checklist

FWIW, to get this to work as intended, I went ahead with the wp_dropdown_categories function approach, settling for a js on-load hack to facilitate selection of currently excluded categories witin the dropdown.

/* Add Settings Field --"Exclude Categories"-- under options-reading.php page */
class Add_Settings_Field {
    public function __construct() {
        add_filter( 'admin_init' , array( &$this , 'register_fields' ) );
    }
    public function register_fields() {
        register_setting( 'reading', 'exclude_cats');
        add_settings_field('exclude_cats',
            '<span title="Exclude Category Posts from Main Blog/Posts Page">Exclude Categories</label>',
            array( &$this, 'fields_html' ),
            'reading'
        );
    }
    public function fields_html() {
        # Requires additional hidden field and js hack to set the current values as selected in the resulting dropdown.
        if($selected = get_option( 'exclude_cats')) $selected = implode(",",$selected);
        $excluded_cats = "<input type="hidden" id='excluded_cats' value="$selected">"; // to facilitate js selection options onload.
        $args = array(
            'show_option_none' => ' -- Select -- ',
            'hierarchical' => 1,
            'depth' => 1,
            'hide_empty' => 0,
            'orderby' => 'name',
            # 'selected'=> $selected, # accepts integer only, so won't work for multiple selections
            'name' => 'exclude_cats',
            'show_count' => 0,
            'use_desc_for_title' => 1,
            'echo'=> 0
        );
        $select_cats = wp_dropdown_categories($args);
        $select_cats = str_replace( "name="exclude_cats" id=", "name="exclude_cats[]" multiple="multiple" id=", $select_cats );
        echo $select_cats." ".$excluded_cats;
    }
}
new Add_Settings_Field();

and for the JS

if(jQuery('#exclude_cats').length)
{   jQuery('#exclude_cats option[value="-1"]').val(''); //'show_options_none' returns value of -1, which just won't do...
    var excluded = jQuery('#excluded_cats').val().split(',');
    jQuery(excluded).each(function(){
        jQuery('#exclude_cats option[value="'+this+'"]').prop('selected','selected');
    });
}