Sorry for taking so long to respond... I was away on vacation.
I was working this issue from several angles. Since this was a new piece of hardware from HP (and I had a support contract), I contacted HP and had a support tech come on site. We had been using HP Library and Tape Tools to try and determine if the library, or a component of the library was at fault. Just as in Backup Exec, HP LT&T would see the library but the drives were Stand alone. The tech felt confident the issue was somewhere within the library since Backup Exec was seeing the same thing.
To make a short story long.... After escalating the HP LT&T logs up the food chain, there was a configuration setting within the MSL4048 that needed to be changed.
Under CONFIGURATION -> SYSTEM... there is a setting for the LIBRARY MODE. It was set to SEQUENTIAL... Once it was set to RANDOM... all was well. HP LT&T recognized the library with both drives under it as well as Backup Exec.
In short... all is well... I hope if someone else runs into this error that this post will help.