Solution to my problem that may provide guidance for others.
I sent a Support Ticket to Bluehost laying out the problem as I wanted to confirm it wasn't anything they did with SQL Server that kicked it off.
They nicely dug into my WP installation (beyond the call of duty, I think) and found it was a diagnostic plug in I'd installed that triggered the issue laid out above.
In my case, it was the plugin "WPTuner" whose activiation triggered the error messages (in 3.1.1). Perhaps other plugins could trigger this error as well. So, my advice is to uninstall the last plugin or theme activated and test.
You may ask: how do I uninstall plugins when I can't access the dashbard due to this error?
While Bluehost solved the problem for me this time, I have run into that issue before (where I can't reach dashboard to uninstall a plugin (or theme) that it bringing down my site). THe solution is to go into the file manager on your webhost account and delete (or move to location outside the reach of WordPress) the offending plugin or theme directory. When WordPress cant find the directory, it can't load the offending code and the site should come up fine.