Solved -
It turned out to be a driver / hardware issue on this one. The one thing that I didn't try was UNINSTALLING my Fast Track Pro I/O drivers first, then reinstalling after. Looks like PT likes a clean install across the board.
I opened an Avid Support case and this is what we did:
I uninstalled my Fast Track Pro drivers and installed the ASIO4ALL sound driver.
ASIO4ALL 2.14 (or latest) - English Installer
http://asio4all.de/
(Link provided by Avid support)
I disconnected the FTPro and opened Pro Tools... Bingo! No errors.
(I didn't know that you could open Pro Tools without an external I/O device)
I closed out PT, reinstalled the FTPro drivers, rebooted, plugged back in and opened Pro Tools back up.... again no errors!
I did have to go into the Playback Engine setup and switch over to my I/O device, but I still have not had any more errors or issues. I put it to the test last night with an actual event and no issues at all using the Fast Track Pro.
One odd ball item I found... when PT opened, it was set to use the ASIO4ALL driver as the playback engine. While searching through the settings, I first went to the Hardware Setup and selected "Launch Setup App". The menu did offer the Fast Track Pro as an option in the WDM device list, but gave me an interesting popup window when I hovered the mouse over it. Here is a link to what I saw....
Computers hate you
Nice Easter egg someone hid in there....
Anyway, hope this helps someone else down the line.
Jim