Sorry all for the delay.
As other have mentioned, yes, the "Shared" option only comes up when your near your main iTunes library.
After multiple attempts and "tweaks", I finally gave in and did a complete backup, dump and re sync. I did it the same day that 7.0.4 came out so I figured what's waiting a little while longer and just reinstall everything.
While I consider this the ultimate "Hail Mary"/Desperation call, I was able to get my missing songs on my actual iPhone.
Don't know if the update had anything to do with it (doubtful) but it does get rid of the grey circles on some of your songs and I finally have my recently purchases MMLP2 CD in my library.
PLEASE NOTE: I haven't added any new songs to my library since doing the dump->Sync, so I don't know if moving forward we're good...
Sorry for the "cop out" solution.