I believe I have resolved the issue!
I sent a support ticket to Native Instruments, and they returned with something unrelated to the Arturia messages in the validation log. Apparently, here's what they have on their website regarding the matter.
"Products with a hardware dependency, such as MASCHINE, KOMPLETE KONTROL, TRAKTOR, GUITAR RIG, and Controller Editor will not launch when the AVID CoreAudioManager / Drivers are installed under 10.10 Yosemite. In stand-alone mode the application will freeze after launching, in plug-in mode the plug-in validation of the host program will fail, which might crash or freeze the host program or make the plug-in unavailable within the host program.
Native Instruments and Avid are working together to resolve this compatibility issue."
All I had to do was copy the Avid CoreAudio plugin to the desktop and delete it from its original location. As of now, everything is up and running again! I'm hoping that update they mentioned will come out soon to fix this problem.
Thanks for all the help though! You've been very helpful!