Shortly after I made my post, I was able to resolve the issue using information provided from the link below.
For some reason, after rebooting in safe mode I was able to launch 32 bit applications again.
When looking into my issue I founda few articles with people reporting the same problem, except they were reporting the issue for specific applications. I noticed in all the posts I read that the one consistency was the code type being x86 (native) 32bit applications.
Figured I'd update this in case anyone else has been having similar issues.