Hey thanks everyone-
Nope, I haven't ridden it yet. In fact, the wheel hasn't even been put on the frame. I spun the wheel in both directions while holding on to the axle, and I've since spun it in both direcitons on the truing stand. It's not that bad, but when it comes to hub smoothness, "not that bad" is pretty bad when you're riding. I think the plan is to proceed with the project (bottom bracket, front wheel etc) and then revisit it.
So that brings us to the million dollar (ok, fifty dollar) question: if I ride the bike now, will I only damage parts that I've already damaged, or will I potentially do more harm? I really don't want to spring for internal hub maintinence at the LBS unless I have to.