Does the wild stylistic range of No Code feel like a bold statement or a band pulling in too many directions at once?

Between these options I would say a bold statement. Looking back now at the band’s history at this particular point it feels more like a band that knew it’s identity, knew it’s strengths and was willing to take chances and wasn’t concerned of the consequences. I believe at this time they were also collaborating (possibly touring) with Neil as well; see the PJ/Young ‘Merkinball’ EP collaboration with Young. Young’s known for being willing to take chances and perhaps his influence helped the band make the choices we hear on ‘No Code’ to branch out from their previous albums

I definitely don't agree that they were pulled in too many directions. I actually feel like that "boldness" of early Pearl Jam was tamed for this record. The most surprising thing was how every member was so much in service of the song. Eddie wasn't doing too much. Mike sat back in the mix a bit more. It really felt like a series of thoughtful ideas that everyone was contributing to.