Sorry for the dual post, I realized that was able to answer some of my own questions (Elements, hello?)
I am still not able to get it to work, but maybe I am going about it all wrong?
1) Created a GP Hook Element
2) Put the provided code in and tweaked it to show the appropriate list and taxonomy
3) Configured all the settings for the WPSP list as well as the GP Element to show up in Timeline Entries.
I am still not able to see anything show up in my post, but I know we are getting closer!
Sorry to keep at this, but this is such a key feature for me. Once I figure this out, it will save me buckets of time in future timeline entries.