Update:

Things are looking up in the knee department. I purchased shimano road pedals and a pair of bontrager road shoes and there was instant relief with the first use. I've continued to do hip strengthening exercises and foam roller on the IT band, and with the addition of the clipless, I was able to do 150 miles last week virtually pain free. I still am having some twinges here and there but I think once I go back to the fitter and get my cleats shimmed and adjusted I can kiss this knee pain goodbye. SO, SO happy about that!