Heh, I am a total n00b, bear with me.
I measured 3.2v across the collector and emitter. So it seems that though the phototransistor prefers infrared, it does respond to all visible light.
I expected 1v across the LED leads assuming a 2.2 forward voltage. I am not seeing it. I tested the LED and it works.
Ok, I set the multimeter to 2000m DC. I assume that means 'use this setting for up to 2000 millivolts.' (It's my first multimeter, the instructions were useless.) If that's the case, then I think I am seeing 20mV across the LED.
Hmm. I covered the phototransistor up completely and the voltage didn't change a bit. More reading is necessary. But now it's time for bed.