Answering my own question. 3D Tracking is the answer. Works beautifully with any locators created out of Maya. Use the 3D tracking dropdown to select the locator layer and all is well.
I don’t think it is a setting. My guess is that 10.4.6 may be the culprit. I get the same results. Was working fine a few days ago, and OSX 10.4.6 is the only thing that has happened between then and now.