Hadn't heard back so I left it go all night with "waiting for reboot..." showing on the tool. This morning I started looking at other threads and found a suggestion from http://www.incredibleforum.com/forum/htc-incredible-rescue-squad-rooted-help/5860-may-need-some-help-here-reflashed-recovery-reflash-tool.html to unplug and plug back in the phone, which I did. Then the tool started to show activity again and rebooted the phone into the ClockWorkMod app. The version shows 184.108.40.206 and, more importantly, I can actually see the menu on my phone screen now. I then went into HBOOT and selected Recovery and was still able to see the menu so, issue seems resolved!
Thank you so much for your attention Doug and Enlightened.