After about 2 hours of wrench time this weekend I was able to get this figured out.
I tore the hub apart and replaced the ball bearings and cleaned/relubed the whole works. Readjusted the cone and put it back together. During this process I also noticed that the spoke tension was very low around the whole wheel. Threw it on the truing stand and about 45 minutes later had retensioned and trued the wheel.
Well, to justify all this, I rode not quite 14 miles yesterday and the difference from before is night and day. Between the retensioned wheel and the new "hub guts" it’s running nice and quiet and feels like a new ride.
Thanks all for the encouragement!!! It wasn’t near as bad as I was guessing.