Just wanted to give anyone interested a quick update:
The problem started with an update to Security Center on or about 6/16/2016. Since then McAfee pushed at least two updates to Security Center that didn't fix the issue.
Good news is that, I think I have a version of SC/AV/AS that is working correctly with iTunes.
The versions are:
Securty Center
Version 12.1
Build 12.1.353
AffID: 0
Last Update: 7/1/2013
Anti-Virus and Anti Spyware
Version 16.1
Build:16.1.190
Engine version: 1575.0
Please note, that I have not been able to test on the other two Win7_64's that have the same problem because... well McAfee has no way in the software to force an update of the program software (only has a way to update the virus dats).
I have been running this version since the 1st and haven't had to reset my preferences or acknowledge the license agreement (so far, several reboots, and at least 10 different times opening adn closing iTunes).
I'll just have to wait to see when the other two systems get updated (via McAfee lazy program update process), if these versions in fact fix the issue.
One thing everyone needs to realize is that it's always possible that issues arise even with the most through testing. What is odd is that McAfee was slow to get a fix out (reported on the 16, not fixed until weeks later...). In my mind they could have rolled back to the verson of SC that worked.
R_X