Thanks for the good advice everyone. If it is indeed ITBS, then I should have more than enough information to resolve the issue.

Along that line -- I did one more test today.

This is the first time I've attempted riding in two weeks. I didn't feel too much pain at first, just some discomfort in that area like I said. So I start thinking well maybe it's just in my head. To test that, I decided to do a short all-out sprint while sitting down. Immediately, I felt a very sharp and intense pain radiate starting at my knee and finishing near the top of my thigh. I'd never felt the pain go as far as my thigh before. In addition to that, it was a very well defined line of pain.

So I think this pretty much confirms it's the IT band unless some sensation like this can be experienced at the edge of the quads.

Thoughts?