Works now. I'm not sure...but...
Found the message: Punkbuster Version 00_061110 is DISABLED
In the server log. PB was starting up, logging banlist loads, configurations, ect but it still had that message.
Thinking it might be corrupt, I ran GameServer's Punkbuster update mod and rebooted. Sure enough, it all came back up fine,
still running Punkbuster Version 00_061110, but without the 'DISABLED' message in the server log. I'm not sure if bEnablePunkBuster was set wrong or what. Kinda weird.