Edit on 6/17/09:  After talking to a few respected members of ReefLounge.com, my mind has been put at ease (mostly).  I am told that this is most likely a macroalgae of some sort and should be harmless.  According to one member, my best bet would be finding a marine biologist who specializes in marine algae.  If anyone can point me in that direction (I would really like to know what I have), I would be very grateful. Thanks to the good folk over at ReefLounge.com.