Ok here's what I ended up having to do to fix my problem in case any other poor soul suffers like I did. This took me a ton of trial and error but essentially the missing element seemed to be STEP 3. Each time I did a fresh new install I had the same problem until I deleted the ECLIPSE folder.
Steps to fix:
1) Uninstalled every HANA Studio installation
2) Uninstalled every HANA client installation
3) Manually deleted ECLIPSE folder found in C:\program files\SAP
4) Manually deleted hdbstudio folder found in C:\MyUser
5) Reboot
6) Installed HANA Studio 72 (could not get 68 client drivers to work so gave up)
7) Installed HANA Client 72 (needed for REGI file; which is needed for repositories in SAP HANA Development perspective)
8) Launch new studio
9) Setup all system connections
10) Setup repository in SAP HANA Development perspective (First time ever that I've had no grief with doing this - I think having multiple versions of studio on my laptop was creating issues)
11) Setup new project in Project Explorer tab in SAP HANA Development perspective
12) Created new procedure (copied and paste text - luckily I save all my procedures in my email). Save it. Team/Check it. Team/Activate it.
13) Right click on the project and choose Team/Share project
All is back to normal. I have NO idea what went wrong to begin with but I lost a good day of productivity.
-Patrick