Just wanted to let you know that it all worked out fine. I basically followed the instructions in Apple's How To Erase a Disc for Mac although not all the steps.
First, I deleted the Macintosh HD - Data volume (just steps 1-4 under Erase a Startup Disk). From there, I skipped to How to change the partition map (scheme) of a disk because I wanted to do a 2-pass secure erase of the entire HDD. The key is to select the very topmost level of the physical drive, otherwise you cannot do a secure erase. Also, I think the naming example given there is misleading - whatever name you enter is going to become the name of the Macintosh HD volume in the APFS container - it is not going to change the name of the physical drive. I named mine iMac HD. After completing the secure erase, I had an APFS Container with 1 volume - iMac HD.
I then reinstalled Catalina and ended up with the APFS Container having two visible volumes - iMac HD and iMac HD - Data. (While the name is the one I gave it earlier, you should have both an HD and and HD - Data volume after reinstalling Catalina.) Then I restarted the iMac and everything was operational as if the iMac was reset to factory defaults.
After I was confident all was fine, I shut down the iMac and went back into Recovery Mode > Disk Utility. I again selected the topmost level of the physical drive, clicked Partition, added a second partition, sizing it to 750GB as Mac OS Extended Journaled. Doing this also resized the APFS partition to 250GB. Then I let it run. When it was done, I did a restart back into Catalina.
I now have a 250GB APFS partition with Catalina installed there plus a 750 MacOS Extended partition for my data.