It turns out the cabriolet top won't work unless the rollbar is in the fully retracted position. I was using the rollbar and the fuse blew just before it was fully seated. It looked fully down to me - hence the confusion. Phew!

http://www.peachparts.com/shopforum/showthread.php?p=1589110&posted=1#post1589110

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95 E320 Cabriolet, 169K