Quoting your message and replying inline prefixed by MDM:
Thank you for the suggestion. I have contacted the hosting company. I have a dedicated server with 8gig of memory. The process records show only 59% being utilized at the peek.
I have increased the php memory to 300MB.
MDM: That should be plenty.
They asked if I should inquire about the Wordfence for the dedicated server vs each site. Is this an option?
MDM: Sorry I don't understand what your'e saying.
Next, are there Firewall Rules, Alerts, Scans and Other options that can be tweaked to not use as much memory?
MDM: No. We're already very memory efficient.
Update: Nope! The solution mentioned above did not work.
"Wordfence Memory benchmarking utility version 4.0.3.
This utility tests if your WordPress host respects the maximum memory configured
in their php.ini file, or if they are using other methods to limit your access to memory.
Current maximum memory configured in php.ini: 64M
Current memory usage: 60.00M
Setting max memory to 90M.
Starting memory benchmark. Seeing an error after this line is not unusual. Read the error carefully
to determine how much memory your host allows. We have requested 90 megabytes.
Completing test after benchmarking up to 80.25 megabytes.
Congratulations, your web host allows you to use at least 80.25 megabytes of memory for each PHP process hosting your WordPress site."