Thanks Dune! I particularly liked the positive offset in the surface layer just before the water sphere so you could see where the mask is cutting things off. I knew I was missing something obvious. One of the guys in dandelO's water masking thread set the fractal terrain to all black. It worked for him, so that's why mine was set that way. He used an all-white PF and a mix shader to somehow determine the mask.
Now to the interesting part: This doesn't appear to change render times in the least.
If I disable the water sphere, a crop region of just the sand bar takes 9-10seconds to render. If I enable the water sphere without it being masked, that same crop region takes ~39seconds to render. When I mask the water sphere and render the same crop region, it *still* takes 39seconds to render. You can see for yourself by simply enabling the crop region I have specified in the Full Render.
When rendering with a masked sphere, you don't see the water during the render, so the mask is working to some degree. Since we're masking by using opacity, is TG still rendering the element and then simply setting it to transparent? I realize there will be more light bouncing around with the water sphere enabled, but surely I'd see at least a *little* reduction in rendering an almost top-down view of just the sand?