Need to know what privileges and access rights are needed for the RSA Administrator account to collect and manage Identities, Licenses, and other O365 entitlements in RSA Via L&G? I have read through the Connector and Collector sheets provided by RSA, but that is clear as mud.
RSA Admin account does not need those rights, it is not used to connect to the endpoint.
It is the account that is collecting or provisioning needs those permissions. In other words the account that will run the powershell scripts would need such permissions. When you are configuring the collector or the connector, there is a configuration for UserName who is the administrator on which PowerShell SSH server is installed. That user needs to have those permissions.