I want to update everyone on this situation. I decided to open the hub and see if anything was broken. I pulled the patent for the powertap off the online US patent database (Patent #6,418,797) and used the included exploded views as a diagram. I am happy to report a major breakthrough. The wire connecting the torque tube to the circuit board had been cut somehow, and rust was found on the powerclips on the chip. This indicates that WATER HAD FOUND ITS WAY IN! Not only did it find a way in, it couldn't find a way out, and eventually penetrated the silicone layer around the circuit board. Further, because the wires connecting the torque tube to the board are so thin, splashing water probably broke the wire.
After my repair, which included removing rust from components, and replacing wires that connect the torque tube and circuit board, I got a reading of 311 to go to 420. Though not perfect yet, I'll be working further on this issue and hope to fully correct it. If anyone has ideas or other suggestions, I'm open to them. I'll be posting photos of this repair along with a video on youtube on the steps taken.
Dylan